KPMG LLP has integrated the Databricks Data Intelligence Platform into its global smart audit platform, KPMG Clara. By analyzing billions of financial transactions throughout thousands of audits, this partnership greatly improves audit quality and offers deeper insights into risks associated with audits for KPMG auditors. By leveraging Databricks technology, KPMG aims to maintain public trust in the capital markets through more accurate and insightful audits. According to Tim Walsh, U.S. National Managing Partner-Audit Operations at KPMG, AI has the revolutionary potential to conduct timely, risk-based audits that unearth novel insights and assist management teams in better understanding financial reporting issues.
The ongoing alliance with Databricks will accelerate AI adoption within KPMG’s audits, reflecting a broader trend in the financial reporting sector where AI and generative AI are increasingly prioritized. KPMG Clara integrates data, analytics, and AI to offer a seamless, data-driven audit experience, facilitating real-time risk assessments and enhanced decision-making. In the next three years, 100% of U.S. financial reporting leaders want to test or apply AI in financial reporting, per a new KPMG AI poll. KPMG's collaboration with Databricks supports the firm's commitment to data-driven operations, enhancing the governance and control of data and transforming how organizations realize the benefits of AI.
