By employing Data & Analytics, KPMG sets the audit quality bar high. This starts with the risk analysis, in which we analyse data by means of process mining technology. This gives our auditors direct insight into the client’s business processes, based purely on data. The processes are visually mapped in order to identify operational risks. This enables our auditors to ask targeted questions based on facts, which adds depth to the risk analysis. Our clients are very enthusiastic about this development, because it yields valuable information to further optimise processes and internal control.
Thanks to Data & Analytics technology, our auditors can concentrate on the parts of the audit associated with a higher risk, or which require human judgement. As a result, in many audits random sampling is a thing of the past.
KPMG is also investing in a Continuous Auditing platform. This platform enables us to carry out automated audit procedures several times per month, quarter or year without manual intervention. Which means we can regularly evaluate the controls and transactions in our client's systems. What about the client? The client obtains timely insight into transactions that deviate from the controlled process, so that they can react in time. Within the foreseeable future, this may even lead to Continuous Assurance: no longer working towards a single audit report at a single point in time but continuous assurance of processes and their outcomes.