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AI · Auditing · Financial Reporting · Investment
KPMG's 2024 global study reveals that nearly half of surveyed business leaders anticipate a 25% rise in AI investment in auditing and financial reporting by 2025, indicating a rapid expansion of AI adoption across the sector.
The study, based on 1,800 business leaders across 10 countries, found AI currently accounts for approximately 10% of IT budgets. Globally, 99% of companies expect to be piloting or actively using AI in financial reporting within three years, with 73% of boards expecting auditors to prioritize AI for anomaly and risk detection.
Australian firms are particularly keen, with 51% spending 11-20% of their IT budget on AI, compared to 44% globally. While AI promises significant benefits like anomaly detection (61%) and cost reduction, organizations are alert to risks such as data collection consistency (49%) and cybersecurity (45%).
