Artificial Intelligence (AI) is significantly transforming financial reporting and auditing globally, with 72% of companies already piloting or using AI tools. This figure is projected to soar to 99% within the next three years, as highlighted in KPMG’s report titled “AI in Financial Reporting and Audit: Navigating the New Era.”

This global trend is also reflected in Qatar, where the Qatar Digital Agenda 2030 is focused on accelerating digital transformation and fostering innovation in various sectors, including financial services. With substantial national investments in AI and advanced technologies, the integration of AI into audit and reporting processes is expected to improve transparency, accuracy, and provide real-time insights.

Gopal Balasubramaniam, Partner and Head of Audit at KPMG in Qatar, remarked, “The AI age is here — and it’s reshaping financial reporting as we know it.” He emphasized that auditors are tasked with leading this transformation responsibly and helping clients unlock the full potential of AI innovations.

As the demand for AI adoption grows, over 80% of global respondents believe their auditors are already adopting AI for financial analysis at a pace that meets or exceeds their own efforts. In Qatar, KPMG is incorporating AI into its audit methodologies to guide businesses towards more proactive and continuous audit practices.

Companies have identified key priorities they expect from their auditors, including improvements in audit accuracy and efficiency, access to real-time insights and faster reporting, as well as predictive analysis for data-driven decision-making.

While traditional AI applications are already yielding productivity increases, Generative AI is becoming a major focus for financial reporting leaders. Nearly half of the leading global organizations are set to prioritize Generative AI in the upcoming year, a trend that is likely to impact firms across the Middle East.

As AI adoption accelerates, concerns around data security, ethical usage, and regulatory compliance are also rising. KPMG’s Trusted AI Approach is designed to ensure that AI tools are implemented in a responsible manner, prioritizing transparency, fairness, and accountability—principles that are particularly relevant in regulated markets like Qatar.