Your work as an audit professional is fundamentally about trust. It's important to explore how you can continue to promote trust during this time of profound change across the business landscape.
Given the explosion of data and the digitization of our lives, we want to promote a discussion about how the audit profession must evolve its tools and approach to keep up with the pace of change and remain relevant in a dynamic marketplace.
Specifically, our profession must embrace the use of advanced technologies, including data and analytics (D&A), robotics, automation and cognitive intelligence, to manage processes, support planning and inform decision making.
KPMG is constantly thinking about the development of innovative capabilities and technologies that will enhance quality and strengthen the relevance of audits into the future.
Where auditors once searched manually through reams of financial information to hunt down the anomaly that may give pause to the appropriateness of a company’s assertion, the accumulation of large data sets and the application of advanced analytics and cognitive technologies make it possible to rapidly and precisely analyze larger, more complete populations of financial and non-financial data.
The use of these technologies can also generate richer, more detailed audit evidence for evaluation and provide executives with actionable insights about their organizations, their core processes and their controls.
What’s more, supervised cognitive systems can learn from each encounter with new information enabling continuous refinement of the knowledge and analytical capabilities of the system.
It’s really simple: Cognitive technology isn’t just changing the face of financial reporting and auditing, it’s revolutionizing it.
To prepare for this environment, tomorrow’s teams of professionals must possess more than just an understanding of accounting and auditing – they will need stronger critical thinking, analytical, data science and IT skills to complement their financial and business acumen.
To that end, KPMG is committed to fostering a culture of innovation and learning, especially within the Audit Practice.
Read the full report Harnessing the power of cognitive technology to transform the audit