AI and automation in financial reporting
AI and automation in financial reporting
KPMG’s 2024 guide explores how AI and automation are transforming financial reporting. It defines “Intelligent Tools” as AI and automation solutions ranging from RPA to machine learning. These tools enhance accuracy and efficiency but introduce new risks like bias, data integrity issues, and cybersecurity threats. The guide outlines governance, risk assessment, internal controls, and IT frameworks (like COSO and ICFR) to manage these risks. It emphasizes human oversight, ethical AI use, and the importance of explainability, monitoring, and regulatory compliance to maintain audit readiness and stakeholder trust.
