KPMG Canada’s audits will be faster, more accurate and more in depth after signing a partnership with MindBridge for integrating artificial intelligence technology into its platforms.
The firm announced the partnership with the tech firm on Tuesday where it will be embedding MindBridge’s advanced statistical, machine learning, and rules-based analytics technology into KPMG’s auditing platform, KPMG Clara.
The goal of the collaboration is to re-imagine the audit experience by increasing transparency, visibility, and explainability, while carefully managing associated risks by putting necessary safeguards in place. The alliance will embed AI on all audits consistently across the KPMG global network.
This AI-based analysis will enable auditors to see new insights into clients’ businesses that drive better analysis.
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Mindbridge’s rules-based tech will let auditors identify higher risks
The implementation of MindBridge technology in KPMG’s digital audits will put the potential for continuous auditing within reach, enabling auditors to analyze transactions in real-time and identify issues as soon as they occur, thereby reducing the risk of material misstatements.
“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 International.
“That means our auditors are spending less time on routine data reviews and instead will increase focus on identified relevant riskier items. With this new lens, our auditors can see new insights into clients’ business that drive better analysis, better conversations and better quality.”
KPMG is the fourth largest accounting firm in the United States.
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