By Elizabeth Lynch
The digitization of financial reporting is critical to assessing the relevance and reliability of data in a world where financial information is being created faster than ever.
Business leaders acknowledge the importance of embracing innovation and digital transformation. They agree that using advanced technology, such as robotics, natural language processing, predictive analysis and workflow automation, will help identify risk and market trends as well as improve their business process. Unfortunately, many companies are lagging behind the pace of change and must accelerate their efforts, not just for regulatory and compliance reasons, but to remain nimble and competitive in today’s environment.
“Technology advancements will continue to drive many aspects of enhancing audit quality,” said Audit Partner Roger O’Donnell, KPMG LLP’s global head of Data and Analytics. “Reduced risk is a strategic benefit of using advanced technology in the audit process. We are utilizing many of these tools and piloting others as companies slowly begin to advance their digital framework.”
The financial reporting industry must embrace advanced technologies to manage processes, support planning and inform decision making.
“Regardless of industry, organization size or geographic location, advanced technology is playing an increasing role in corporate financial reporting and the external audit,” said Audit Partner Marc Macaulay, KPMG LLP’s Cognitive Technology leader.
Contact Elizabeth Lynch to speak with O'Donnell, Macaulay or other KPMG leaders about the digital transformation opportunity.