KPMG: Audit is moving from digital to the era of artificial intelligence

“We are moving from the digital era to the AI ​​era in the field of financial reporting and audit; the transformation is inevitable, and it’s already around the corner,” affirms Albert Simonyi, the new head of KPMG’s auditing business in Hungary, referring to the company’s recent survey. With laser-precision and highly detailed audit processes powered by artificial intelligence, financial reporting in the future will be smarter and better than ever. In the case of audit, all of this means not only a technological change, but also a paradigm shift, redefining the role of auditors and reshaping the accounting industry as a whole.

KPMG wanted to know how financial reporting leaders are progressing with the introduction of artificial intelligence in the finance function, what impact it has on internal finance teams, and what they expect from external auditors. The experts therefore surveyed 1,800 financial reporting managers and board members in six industries, ten countries and companies with different sales revenues between February and March 2024.

The board of directors of every company in the survey has already taken strategic steps related to AI. Artificial intelligence spending now accounts for 10 percent of the IT budget, and this proportion will rise significantly in the future. Although only 10 percent of businesses currently use artificial intelligence extensively in this area, almost three-quarters of companies already use AI in part or on an experimental basis, and another 27 percent plan to do so. And within three years, the proportion of those who use artificial intelligence at some level will rise to 99 percent.