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Business leaders expect generative Artificial Intelligence (AI) to revolutionise financial reporting, predicting 99 per cent of organisations will use the technology in financial reporting in three years.

Business leaders foresee that auditors will be at the forefront of the technology transformation, according to a survey by KPMG International. The study surveyed global financial reporting executives and board members at 1800 organisations with revenues between $250 million and $1 billion. Across these organisations, close to three-quarters of Australian companies are currently using or piloting AI in financial reporting and allocating a bigger share towards Information Technology (IT) in their budgets.

Business leaders believe that auditors are best placed to lead the transformation of using the technology in reporting because they have a deep understanding of financial reporting processes.

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