KPMG and Gresham Technologies: Using AI to reconcile data for audit evidence
Brian Foster, Audit Partner - Technology Business Office Lead, KPMG U.S., recently shared this article on KPMG's News and Perspectives site.
At KPMG, we are laser-focused on executing a modern data-driven, end-to-end audit that continually brings more precision to risk assessment and consistency to our response.
A key part of our journey is the development of a robust platform to read, translate and reconcile data. This platform will bring together a one-stop shop of automated artificial intelligence capabilities for auditors looking for the right solution to read unstructured documents and obtain audit evidence.
We’ve focused on deploying natural language processing, optical character recognition, machine learning and other artificial intelligence capabilities. Now, we are connecting them, enabling KPMG Audit teams to more quickly take action to address audit matters and provide a faster, more efficient and digitally driven audit experience for our clients.
Importantly, this journey includes teaming with leading technology companies to accelerate our development and use of these transformative technologies.
We are excited to announce today that we are working with Gresham Technologies plc (Gresham) to deliver its Clareti Control solution to match revenue and inventory data extracted from documents to general ledger data.
“Clareti transaction control demonstrates robust functionality and a versatile approach – agile configuration and support for high volumes, all underpinned by strong security measures,” said KPMG Audit Chief Technology Officer Matt Bishop. “We will be able to verify the accuracy of the figures in a client’s general ledger much faster so we can focus on the value-add analysis we bring.”
This effort automates the creation of workpapers that may detail exceptions, gaps and variances and provide insights regarding our clients’ controls, delivering an exceptional experience to our people and clients. Critically, it eliminates a highly manual, time-intensive and low-judgment effort, enabling auditors to focus more time on areas of higher risk and enhancing audit quality.
“We are delighted that KPMG has chosen Gresham’s Clareti Control to digitize key audit activities and provide enhanced assurance on the integrity of the audit process,” said Mark Bolton, Head of Sales, International, at Gresham. “KPMG is committed to delivering an innovative, efficient and effective audit experience to their clients and by leveraging our proven Clareti technology, audit teams will be able to benefit from the digitization of the matching and verification control process, first pioneered by Gresham’s global banking customers”.
Combining Gresham and KPMG technologies, our new platform will accelerate our ability to automate additional audit areas. For example, matching client and custodian data for audits eliminates inconsistencies, reducing errors and the time spent on manual tasks.
We are excited to advance our continuously-innovating, continuously-improving technology platform with Gresham.
To discover how Gresham Technologies can deliver digital and data integrity to your organisation, contact us below.
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