The big accounting firms are now using AI to improve efficiency and replace labor in auditing. KPMG - during negotiations last year with its own auditor Grant Thornton UK - demanded that the savings that Grant has realized because of it's own AI rollout be passed along to them.
Grant at first refused, but ultimately reduced the fees by about 15%.
Thus far based on info in the wild, KPMG has not offered to do the same same for it's customers.
https://www.techspot.com/news/111237-kpmg-asked-own-auditor-discount-citing-ai-efficiencies.html
Grant at first refused, but ultimately reduced the fees by about 15%.
Thus far based on info in the wild, KPMG has not offered to do the same same for it's customers.
Quote:
KPMG asked its own auditor for a discount, citing AI "efficiencies"
When KPMG, one of the world's biggest accounting firms, asked its own auditor for a discount, it wasn't because of sloppy books - it was because of AI. The firm told Grant Thornton UK that new technology should make audits faster and cheaper, and pressed for lower fees to match those efficiencies.
Grant Thornton's UK audit leader Gary Jones wrote in a December blog post that the firm's work was becoming "faster" and "smarter" thanks to automation.
https://www.techspot.com/news/111237-kpmg-asked-own-auditor-discount-citing-ai-efficiencies.html