Top Accounting Firms' AI Initiatives and Guidance

Ethan Kelemen

May 14, 2024

Leading U.S. accounting firms are stepping boldly into the future by embracing AI as a cornerstone of their strategic initiatives. We’ve delved into the AI strategies employed by top firms, outlining not only their approaches but also the specific guidance they offer to ensure effective consideration and ultimately, implementation. We’ve listed out their initiatives, and some of the guidance they provide to prospective clients as they look to transform traditional practices with these solutions.

‍

Firm	AI Developments	Further Reading
Deloitte	Deloitte has developed an AI institute to study the effects and uses of generative AI. Key findings include: Workforce access to approved GenAI tools and applications remains low Organizations reporting higher levels of Generative AI expertise tend to be more focused than others on innovation and developing new products and services Deloitte’s AI considerations for the audit profession include: How does an organization assess risk and impact of its AI applications How does an organization design and implement an effective testing regime for its AI models? How does an organization interpret the results of its testing regime and respond to findings or exceptions?	Deloitte AI Institute An auditor’s mindset in an AI-driven world
PwC	PwC intends to invest $1 billion over three years Intends to use AI’s data analysis capabilities to identify unusual transactions earlier in the audit Further uses include reading of audit documents, retrieving and comparing to third-party sources (ex. Credit ratings) PwC’s Tech Effect hosts a variety of content on AI including: AI governance policies Ethical use of AI	Generative AI business myths How do automation and AI help build trust in financial reporting? Good governance for AI
EY	EY has invested in AI developments including acquisition of Canadian firm Nuvalence generative AI (GenAI) platform-enabled services EY’s approach to AI in audit: Use of AI for advanced pattern recognition Extraction of data from unstructured data sets, such as contracts, invoices, and images, to gain further audit evidence EY Parthenon host’s resources on implementing and using AI including: EY ASpace, an off-the-shelf AI platform for clients to implement Identifying right talent to champion the initiative Starting at the right level and scaling AI projects	Four steps to implement a large language model successfully EY acquires Nuvalence GenAI as part of your growth strategy - EY Parthenon
KPMG	KPMG has entered into an AI partnership with Microsoft to deliver AI across professional services KPMG has launched Ignite, an in-house AI initiative Internally, KPMG’s assurance practice uses, Clara, powered by Microsoft Azure Clara is intended to be an all-inclusive AI platform Clara 2.0 will include AI initiatives including integration of MS Copilot	KPMG Microsoft Alliance KPMG Clara
RSM	RSM hosts a webcast series specific to AI topics RSM has studied AI’s adoption and uses in the middle market companies it serves. Widespread use of AI in middle market, with more implementation difficulties than expected Approximately half of middle market users who are abstaining from AI use cite data security as a main concern RSM has committed to further study of AI’s use in auditing, with some initial use cases identified	RSM AI landing page Middle Market AI Insights The Role of Artificial Intelligence in Auditing
BDO	BDO’s AI playbook covers: Data foundations, strategy and data’s relationship with AI An in-depth data analytics maturity model Where organizations go wrong How AI will change the workforce BDOAdvantage is BDO’s digital audit suite for audit innovation AI use policies to mitigate risk has arisen as a top audit committee priority in FY24	BDO AI Playbook BDOAdvantage Audit Committee Priorities
Grant Thornton	GT has partnered with Microsoft to develop CompliAI for IA, compliance and risk management teams for use in control design and assessment processes. Control gap assessment Control definition Test step preparation GT UK has also created GTAssist for internal use Used for querying internal firm policies and procedures	CompliAI GTAssist
CLA	CLA has also developed an in-house GPT for internal use and is looking for ways to bring it to clients AI being used as a firm “superuser” knowledgeable of firm guidelines and resources CLA has expanded networks with overseas firms to better serve multinational clients, including through knowledge sharing on AI Goal to bring CLAIntelligence Suite to clients in FY24	Exploring AI and Predictive Analytics CLA makes plans for expansion abroad amid AI push
Forvis	Forvis has listed specific AI considerations for PE firms: Scalability - ability to handle larger volumes of data without significant increase in resources Transparency - Biases and tendencies of selected models Forvis also hosts a variety of webinars on AI topics including AI use in CRMs	Considerations for Private Equity Buy-Side Transactions Getting Ahead With AI-Driven CRM Tools
Crowe	Crowe has partnered with High Alpha Innovation to build advantaged startups and leverage AI. Goals include: Build AI solutions to disrupt existing services Delivering these offerings to Crowe’s existing client base Crowe has compiled a comprehensive guide on preparing for AI, covering: Background on AI revolution Early adopters of AI best practices Considerations	Crowe-High Alpha Innovation Partnership Get Ready for Artificial Intelligence
Baker Tilly	BakerTilly’s overview of the AI landscape is a useful starting point for differentiating AI solutions: Covers intelligent process automation, AI, machine learning, and deep learning Other resources include model assessment and use cases	BakerTilly AI Homepage The AI technology landscape explained Benefits of an artificial intelligence and machine learning model assessment Business uses, risks and rewards
Marcum	Marcum’s AI readiness assessment is a useful interactive tool for firm leaders Marcum has launched AskMarcum.ai, an Azure based platform for internal use Leverages OpenAI’s ChatGPT model through Azure OpenAI Service Embedded within Microsoft Teams	Readiness Assessment Marcum Launches AskMarcum.ai

‍