KPMG’s collaboration with Databricks allows business organisations to govern and control the data supporting business intelligence and AI.
KPMG LLP’s Audit practice is embedding the Databricks Data Intelligence Platform within KPMG Clara, its global smart audit platform that brings together data and analytics, artificial intelligence and automation, collaboration capabilities and audit workflow, to deliver a better audit experience.
By leveraging Databricks technology, KPMG auditors can analyse billions of financial transactions across thousands of audits, driving enhanced audit quality and deeper insights into audit-related risks in order to maintain public trust in the capital markets.
The firm’s ongoing alliance with Databricks will further accelerate the adoption of artificial intelligence within KPMG’s audits. AI is revolutionising business models across industries. Its integration into organisations enhances productivity, scales work processes and accelerates value delivery to clients. Despite the potential benefits of AI, there are still concerns regarding transparency and data privacy. Responsible AI is only as good as the data it relies on.
Also Read: Are Misaligned Upskilling Efforts Hindering AI Progress?
“We are harnessing the transformative power of AI to deliver a timely, risk-based audit that analyses more data to uncover unique audit insights that can help audit committees and management teams better understand risks within their financial reporting processes,” said Tim Walsh, KPMG US National Managing Partner – Audit Operations. “The Databricks Data Intelligence Platform provides a robust backbone for trusted, reliable data and AI solutions that support high-quality audit delivery.”
“We are excited to collaborate with KPMG on KPMG Clara to provide institutions with enhanced audit quality and insights centred on data, analytics and AI,” said Michael Hartman, Senior Vice President and General Manager of Regulated Industries at Databricks. “Harnessing the Databricks Data Intelligence Platform, KPMG Clara utilises an open, unified foundation for all data and governance to help institutions unlock the full potential of their data and deliver an unparalleled audit experience.”
KPMG Clara brings everything together for a seamless, integrated audit experience with on-demand learning that helps auditors make and document decisions that are all aligned to the latest accounting standards. It delivers a data-driven audit, extracting and analysing transaction-level data to fine-tune risk assessments and glean new audit insights to show outliers and more.
KPMG uses Databricks to deliver data, analytics and AI solutions across the firm, from the front-office and how the firm goes to market to back-office operations. As a data-driven organisation, KPMG leverages its data estate to deliver high-quality, timely and relevant Audit insights to clients and stakeholders.
