KPMG Canada and MindBridge partner on AI-powered audits

16 May 2023 2 min. read

KPMG Canada has announced a new strategic alliance with MindBridge, an Ottawa-based startup focusing on financial risk detection, to integrate MindBridge’s AI technology into KPMG International’s digital audit platform.

The alliance builds on a multi-year, made-in-Canada collaboration where the two companies worked on leveraging AI to increase audit quality and transparency. The new global alliance will embed AI on all audits consistently across the KPMG Clara platform.

Clara will integrate MindBridge’s statistical, machine learning, and rules-based analytics technology – enabling KPMG auditors to evaluate all general and subledger data and evaluate higher-risk transactions for further analysis.

KPMG Canada and MindBridge partner on AI-powered audits

“Through the alliance, KPMG auditors will benefit from using MindBridge’s AI-embedded audit intelligence tools, visualized analytics, and the in-depth resources needed for stronger analysis and assessment of risk,” said Larry Bradley, global head of audit at KPMG International. “That means our auditors are spending less time on routine data reviews and instead will increase focus on identified relevant riskier items. With this new lens, our auditors can see new insights into clients’ business that drive better analysis, better conversations, and better quality.”

MindBridge was founded in 2015 and focuses on financial risk discovery and anomaly detection technology to help auditors and financial professionals better identify, surface, and analyze risk across broad financial datasets. The firm works with professional services firms, government agencies, and companies in a broad range of sectors.

MindBridge has been recognized by the World Economic Forum as a Technology Pioneer and by Forbes as a Top 50 AI Firm to Watch.

“Having our technology deployed via KPMG Clara to tens of thousands of audit clients is a monumental step forward in our mission to improve the reliability and trustworthiness of financial data,” said Leyton Perris, president and CEO of MindBridge. “By joining forces with an organization that has the influence, scale, and expertise of KPMG we look forward to the opportunities that lie ahead, and to creating long-term value for all our stakeholders."