Emerging technologies and accelerated digitalisation are radically changing the future of audit. KPMG Australia is committed to transforming the future of audit by serving the best interests of Australian businesses and bringing value to our clients through continuous innovation.
Leveraging the strength of our network, KPMG’s All eyes on: The future of Audit reveals how the audit team at KPMG Australia believes audit quality may fundamentally transform over the coming years. Hearing from some of our colleagues around the world, learn about the key issues facing audit transformation, such as artificial intelligence, technology assurance including cyber security, continuous auditing, big data and more.
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Big data for efficient, accurate audit
Big Data holds immense potential for the future of audit data analysis – but organisations must learn how to tackle it efficiently and safely.
Advanced data analysis technologies such as Natural Language Processing (NLP), Optical Character Recognition (OCR) and artificial intelligence (AI) are greatly improving audit accuracy and efficiency. Using this software to optimise audit quality saves time and provides organisations with richer, deeper datasets to draw from.
Data that has historically been immensely difficult to process using traditional means is now readily available using these advanced data technologies. KPMG Clara leverages OCR technology to improve audit data analytics by collecting data from a wide variety of sources that haven’t previously been available to organisations and businesses.
AI for audit transformation
With the rapid advancement of AI audit technology, the audit process is projected to fundamentally transform over the next decade.
A sound AI strategy will drive incredible value through audit automation, acceleration and enhancement, freeing up auditors to apply their skills in complex audit areas requiring deeper examination and judgement.
AI is helping KPMG auditors spot anomalies and process large datasets, resulting in significant audit process improvement. We utilise AI technology for audit that’s been built according to the latest, most accurate and unbiased data available. We’ve developed an ethical framework that considers AI risks and opportunities to help organisations adapt to the cultural changes AI brings.
Technology assurance for increased security
Major advancements in technology are offering exciting opportunities for businesses, and many CEOs are emphasising investments in new technologies. To protect themselves from technology risks and threats, organisations must ensure technology assurance throughout their digital transformations.
As technology evolves, technology controls are more important than ever. New digital opportunities can help deliver more efficient, accurate audits – but only if there’s a technology governance framework in place.
KPMG’s goal is to use advanced technology to audit advanced technology. KPMG Clara provides our auditors with the skills and knowledge to leverage new technologies, which will improve overall audit experience. We’ve developed a global methodology focused on delivering technology protection and assurance over emerging technologies to ensure reliable quality and security.
Continuous auditing
Continuous or more frequent auditing will likely become more prominent for the auditors in the future and should allow auditors to spend more time on crucial judgments.
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