Reliance on generative artificial intelligence (GenAI) in the financial reporting space is rapidly expanding, as is reliance on auditors to play a leading role in all aspects of the revolution.
In a recent KPMG survey of finance executives at companies with annual revenues of $1 billion or more, half have either deployed or piloted GenAI solutions for financial reporting functions, and 70% of those using AI expect to implement it more broadly over the next two years.
Seventy-two percent of respondents said they believe the use of AI by external auditors responsible for auditing companies' financial reports is outpacing those preparing the financial reports themselves.
Nearly half of the executives surveyed already expect their external auditors to conduct data analysis using AI. Get more insights.