AI widely used in financial reporting, auditors evaluate implementation.

TLDR:

– 72% of companies are piloting or using AI in financial reporting
– 99% are expected to use AI in financial reporting within three years

A KPMG survey found that a clear majority, 72%, of companies are piloting or using AI in financial reporting. In three years, this proportion is expected to increase to 99%, practically becoming as standard as spreadsheets. The rise of AI in financial reporting is accompanied by expectations that auditors will start closely evaluating its use. The survey found that 64% of companies expect auditors to provide assurance and attestation over their AI controls.