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Laxman Pai, Opalesque Asia:

Artificial intelligence (AI) is already being widely adopted in companies' financial reporting processes, with nearly three-quarters (72 percent) of businesses piloting or using it, and this is set to grow to almost universal levels (99 percent) over the next three years, said a study.

According to new global research from KPMG International, companies expect AI to be increasingly used by their auditors to drive more proactive and predictive audits.

KPMG's research - published in the report AI in financial reporting and audit: Navigating the new era - was conducted amongst 1,800 companies across 10 major markets and finds that organizations are seizing on the potential of AI to increase reporting insights, accuracy, and efficiency.

There are variations between geographies, sectors, and company sizes. Among regions, companies in North America are moving at the fastest pace with 39 percent of companies in the region selectively or widely adopting AI for financial reporting, followed by Europe (32 percent) and Asia Pacific (ASPAC) (29 percent).

In parallel with these tectonic shifts in financial reporting, AI is also having a huge impact on auditing, bringing new analytical capabilities and insights. Indeed, companies expect their auditors to lead the AI transformation and inspire and drive the transformation of financial reporting.

Over three-quarters of companies believe that AI is moderate to very important for th......................

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