KPMG: 99 PERCENT OF ORGANIZATIONS EXPECTED TO ADOPT AI IN FINANCIAL REPORTING WITHIN THE NEXT THREE YEARS

PETALING JAYA, July 17 (Bernama) -- A global survey by KPMG International reveals that 10 percent of companies have widely adopted artificial intelligence (AI) in financial reporting, while nearly three-quarters (72 percent) are piloting or using it selectively. In three years, 99 percent of organizations will be adopting AI into their financial reporting processes.

Published in the AI in financial reporting and audit: Navigating the new era report, this survey underscores AI's transformative potential across business models, particularly in financial reporting and auditing. Drawing insights from financial reporting executives and board members across 1,800 companies in six industries and 10 countries, the survey explores the progress of AI adoption in finance functions, its impact on internal finance teams, and companies’ expectations for external auditors. Notably, companies in the Asia-Pacific region have recorded the slowest pace of AI adoption in financial reporting (29 percent) compared to North America (39 percent) and Europe (32 percent).