This is a multi part project all based off the company selection from milestone one(attached), it will include milestones two, three and the final three part project.  Once completed, I will need sep

Company Selection Summary

Student Name

Milestone One

University

KPMG is a great company that has gained a great reputation in the finance industry, especially in the audit and financial services sector. The company has grown to different countries and especially the developing countries which have seen it increase in terms of profitability. The company has seen it from the manual where different teams of accountants would scour the different information available when auditing. However, there is an explosion of data which is very critical in embracing technology and enhancing the different people. These technologies are important in uncovering different insights that are relevant and effective in helping the management in making important financial decisions.

It is important to define There are different technologies which KPMG can adopt as a company. This includes robotics, automation, and cognitive technology. This technology is important when analyzing different amounts of data and pointing out where the company is going right or wrong in their operations. This kind of system is capable of learning and hence it improves with time and therefore refines its knowledge and analytical capabilities depending on how the company manipulates the system. The advantage of this system is that it enhances the auditors' abilities and they are also able to provide detailed and high-quality audits. The organization’s executives and committees are also able to provide the necessary. The staff and other stakeholders also get an understanding of accounting and auditing as the business grows and becomes complex. The IT systems ensure that the massive data generated is examined and analyzed to more meaningful and usable information (Macaulay, 2016).

Cognitive technology is also known as artificial intelligence which performs digital analysis of data which is impossible when analyzing manually. The artificial analysis involves algorithms that enable the software to absorb information, reason, and think which is known as machine learning. The company can use this technology to redesign the work and conduct an analysis of both structured and unstructured data which is easy for the client to understand and use this information. It also allows auditors to dig deeper into technology. However, it cannot take the role of the auditor but can be used to empower and enable the professionals to make quality decisions hence providing them with access to richer and more detailed audit evidence and valuable insights which are used to create unique value propositions for the company (Forbes Insight Team, 2018).

Predictive analysis is important when making predictions based on different probabilities. Through artificial learning, there are different tools that are used to audit and enhance predictive analytics. This allows the company to create strategies that be used to identify the anticipated outcomes and trends which are then used to gain a deeper understanding of the client’s insights in business and financial risks. The auditors are also able to manipulate the client’s information and combine them with industry and market data which show the state of the business and indicate potential outcomes. Expected norms are also compared with the history of the company to ensure that the company conforms with the accuracy of reported information and hence provides a comparative data benchmark (Forbes Insight Team, 2018).

Another transformative technology that can be used by the company is smart digital hubs. Mobile networks allow the auditors to work remotely in real time thus allowing them to utilize data and analytics and also automation and visualization. These smart hubs should be agile and have the ability to work in a cloud-based environment.. they should also be easier to work with to allow the auditors to work over challenges and reduce their workload. In conclusion, these technologies are important in ensuring that the company remains relevant in the industry and works efficiently to provide quality and sustainability.

References

Forbes Insight Team. (2018, July 20). Three Technologies That Will Change The Face Of Auditing. Retrieved from https://www.forbes.com/sites/insights-kpmg/2018/07/16/three-technologies-that-will-change-the-face-of-auditing/#78a0d3f37544

Macaulay, M. T. (2018, June 22). How Technology Is Transforming the Audit. Retrieved from https://www.forbes.com/sites/kpmg/2016/11/23/how-technology-is-transforming-the-audit/#64af2967716c

KPMG. (2019). Technology Enabled Audit. Retrieved from https://audit.kpmg.us/topics/technology-enabled-audit.html

Ademola, J. T., & Amadi, L. (2018, August 9). Impact of New Technologies on Audit and Assurance. Retrieved from https://home.kpmg/ng/en/home/insights/2018/02/impact-of--new-technologies-on-audit-and-assurance--.html