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Big Four Audit Firms PWC, EY, Deloitte & KPMG Are Investing Heavily in AI
Big Four Audit Firms PWC, EY, Deloitte & KPMG Are Investing Heavily in AI
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Why The Big Four Audit Firms PwC, EY, Deloitte & KPMG Are Investing
Heavily In AI
BY VISHAL CHAWLA(HTTPS://ANALYTICSINDIAMAG.COM/AUTHOR/VISHAL-CHAWLAANALYTICSINDIAMAG-COM/)
The Big Four audit firms, through a record-level investment of billions into AI technology, are
drastically changing the way they have traditionally operated.
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8/20/22, 2:02 AM Big Four Audit Firms PwC, EY, Deloitte & KPMG Are Investing Heavily In AI
Tax preparation, auditing and business consultation are the kinds of services that are traditionally
dependent on predominantly human capital. But artificial intelligence (AI) now has disrupted these
(https://analyticsindiamag.com)
business models, and fundamentally changed the nature of accounting. For example, when the tax
authorities (https://analyticsindiamag.com/artificial-intelligence-tax-india/) make a new regulation, audit
companies had to manually re-examine thousands of documents for clients to comply with the new law. By
using NLP to extract information with a human-in-the-loop to validate the results makes the AI system
more consistent and efficient.
This is why the Big Four audit firms, through a record-level investment of billions into AI technology, are
drastically changing the way they have traditionally operated. Three out of the four largest accounting
firms announced $9 billion on artificial intelligence (AI) and data analytics capabilities, according to
Bloomberg. The firms’ focus is also on training employees to bring advanced digital solutions into all
consulting and audit practices across the firms.
The
technology
THE BELAMY
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transformation at big accounting and consultancy firms travels far beyond automating standard auditing
and accounting processes. With an emphasis on artificial intelligence, data analytics, and large scale tech
training, the most prominent organisations in accounting are making tech a part of their permanent identity,
which is the key to survival in the age of AI.
https://analyticsindiamag.com/why-the-big-four-audit-firms-pwc-ey-deloitte-kpmg-are-investing-heavily-in-artificial-intelligenc/ 2/12
8/20/22, 2:02 AM Big Four Audit Firms PwC, EY, Deloitte & KPMG Are Investing Heavily In AI
Overview
Although the big professional services and accounting firms haven’t become tech companies, technology
does remain core to their future. Developing analytics and advanced AI/ML models to derive valuable
insights will be more beneficial to audit companies than just traditional processing. With analytics, firms
could evaluate the entire set of client’s transactions in real-time, giving them the capability to spot trends
and anomalies.
How IIT Guwahati Leads Cutting-Edge Research In AI & Data Science (https://analyticsindiamag.com/how-iit-
guwahati-leads-cutting-edge-research-in-ai-data-science/)
crash-proof/)
(https://analyticsindiamag.com/author/vishal-chawlaanalyticsindiamag-com/)
Vishal Chawla is a senior tech journalist at Analytics India Magazine and writes about AI, data analytics, cybersecurity, cloud computing,
and blockchain. Vishal also hosts AIM's video podcast called Simulated Reality- featuring tech leaders, AI experts, and innovative
startups of India.
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