Audit Evidence Collection

AI helps audit teams gather, process, and organize supporting evidence for account reviews, testing, and workpapers.

Business impact

• Audit cycle time — Honeywell said AI is used across audit cycles, indicating a need to move work through those cycles more efficiently.
• Manual audit effort — KPMG’s agent handles evidence selection, record processing, and workpaper preparation, reducing the amount of manual preparation auditors need to do.

Data requirements

• Supporting records (text) — KPMG’s agent processes supporting records used in audit evidence.
• Expense data (tabular) — KPMG’s agent selects expenses for testing.
• Internal financial transactions (tabular) — Nestlé’s implementation analyzes internal financial transactions for auditing.

AI methods and techniques

• AI agent — KPMG says an AI agent in KPMG Clara selects expenses for testing, processes supporting records, prepares workpapers, and runs tests.
• AI algorithms — Plain Concepts describes AI algorithms analyzing Nestlé’s internal financial transactions for auditing.

Industries

Real-world evidence

3 documented case studies on record.

Companies using this: Honeywell, KPMG, Nestlé.