We want to lead the digital transformation of the audit profession. That’s why we’re making significant investments in technology and the technology skills of our auditors. With new technological advances, we can provide more robust assurance and improve audit quality.
A key investment we’ve made is in KPMG Clara – a global audit methodology and workflow tool. Clara is a smart audit platform which leverages our team’s industry knowledge and technical skills to embed standards directly into customisable electronic audit workflows. It also embeds data and analytics tools to make it easier for our teams to focus attention on higher risk areas and potential anomalies. This capability provides insight into 100% of the available data rather than selected samples, which is a critical tool for enhancing audit quality.
As we integrate emerging technologies into Audit, the platform will become an ever more vital tool, allowing us to deliver audits which are based on deeper and broader analysis of data.
We’re also making sure that we are investing in the skills that the auditors of the future will need. This year, in collaboration with BPP University, we launched our brand new Masters in Audit Data Science. The programme, open to colleagues in our Analytics team, will give our students the opportunity to build on their knowledge base and deepen their understanding of how programming and visualisation can be combined with audit. 13 of our auditors began studying towards this unique new qualification this year, with more following suit in 2019. The aim of the programme is to drive even more efficient use of data science in our audit practice.
There’s still so much more potential for technology to transform the way we do audits. For example, we’re exploring the use of machine learning to help auditors identify patterns in large data sets to spot audit risks and help support judgements based on data.
We’re passionate about harnessing new innovations to Improve audit quality and provide more robust assurance.