Singapore’s Big Four auditors tap AI to streamline audit processes, enhance efficiency

EVEN as artificial intelligence (AI) adoption upends industries worldwide, Singapore’s biggest professional services firms have no plans to reduce hiring in their audit divisions.

In November, The Wall Street Journal reported that KPMG had laid off hundreds of employees in its US auditing division. While studies have shown that accountants face a high risk of job displacement due to AI, KPMG denied that the layoffs were tied to AI adoption.

Earlier this year, PwC in the US also announced plans to lay off 1,800 employees as part of a business streamlining effort.