KPMG – AI and Automation in Financial Reporting, Nov 2024

KPMG's "AI and Automation in Financial Reporting, Nov 2024" provides a comprehensive guide for integrating artificial intelligence and automation into financial reporting processes. The guide assists organizations in identifying AI and automation tools used in financial reporting and offers guidance on recognizing associated risks. It emphasizes the importance of robust governance, including the development of appropriate entity-level controls, process control activities, and general IT controls. The publication also discusses the need for responsible AI integration, highlighting considerations for internal control over financial reporting (ICFR) and the establishment of effective monitoring mechanisms. By addressing these aspects, KPMG aims to help companies navigate the complexities of AI adoption in financial reporting, ensuring accuracy, compliance, and enhanced operational efficiency.