Big Four firm KPMG announced a deal with AI-powered financial risk discovery platform MindBridge to bring its technology to the firm's digital audits.
MindBridge's statistical, machine learning and rules-based analytics technology will be incorporated into KPMG's audit platform Clara, a risk-based and data-enabled digital audit platform used by member firms around the world. By combining these two technologies, the firm hopes to be able to deliver improved risk identification in digital audits.
"In an increasingly complex, uncertain world, businesses are looking to cut through the noise and gain a better understanding of their place in the world," said Sebastian Stöckle, global head of audit innovation at KPMG, in a statement. "Our alliance with MindBridge will bring increased levels of AI into KPMG Clara, allowing for improved risk identification, helping in the continued delivery of higher quality audits by combining KPMG firm's in-depth industry experience and MindBridge's advanced techniques."
This is only the most recent collaboration between the two companies. Both organizations have been working closely for a number of years, investigating how to reimagine the audit experience and deliver higher audit quality involving complex sets of data.
The new technology has already been piloted with select KPMG member firms and is being rolled out across the global network. The strategic alliance will embed AI in audits across KPMG.
"Through the alliance, KPMG auditors will benefit from using MindBridge's AI-embedded audit intelligence tools, visualized analytics and the in-depth resources needed for stronger analysis and assessment of risk," said Larry Bradley, global head of audit at KPMG in a statement. "That means member firm auditors are spending less time on routine data reviews and instead will increase focus on identified relevant riskier items. With this new lens, KPMG auditors can see new insights into clients' business that drive better analysis, better conversations and better quality."
