9October 2018tools--can analyze up to 100 percent of data populations to facilitate more robust audit analysis. This may lead to the identification of outliers, allowing auditors to dig deeper into exceptions. The tools augment professional judgment and enhance decision-making. The ability to examine an entire population enhances an auditor's ability to provide a more complete understanding of a client's underlying processes and transaction flows, leading to a better risk assessment and a smoother audit planning phase.· Cognitive technology enables the analysis of larger volumesof unstructured data. For example, it can be used to process lease documentation and extract relevant information to assist in assessing the classification, recognition, and measurement of leases. It also can be used to grade commercial loans by absorbing loan documentation to generate a grade, indicating the loan's credit worthiness. · Natural language processing, a form of cognitive technologythat can read and analyze text or speech, is being used to mine information from e-mails and other documents. For example, natural language processing can pull mortgage information--property address, appraised value, sale price, and more--from appraisals, memos, e-mails, and other documents and put it neatly into a data table. This information can then be used by auditors as they analyze valuation considerations that impact loan grading.A Culture of Continuous LearningCombining digital tools with the skills and knowledge of audit professionals can be the best approach to conducting an audit. Education and, indeed, the recruiting itself, has changed for the profession.For instance, the KPMG Master of Accounting with Data and Analytics Program, which spans nine schools, has become a disrupter of the education experience for the accounting profession. One of the schools also offers a similar program in tax. This program integrates accounting, auditing, and tax issues with the real-world application of technologies and advanced data and analytics capabilities. The goal is to develop future-ready accountants for an era of machine learning, artificial intelligence, and other technological advances. Students granted entry to the program receive job offers from KPMG upon graduation.Advanced technological tools enable and empower professionals and enhance their skills. However, it is people who set companies apart and are fundamental to success. Tomorrow's auditors need skills in information technology, cybersecurity, and data and analytics, not just accountingRoger O'Donnell
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