AI is rapidly transforming the landscape of financial reporting and auditing, with 72% of companies already piloting initiatives and a surge to 99% expected within three years. In this episode of Enterprise Explores, we dive into how AI is revolutionising financial reporting and auditing, with insights from Foong Mun Kong, Head of Audit at KPMG Malaysia.



As AI adoption in financial reporting is set to surge, we discuss the benefits, challenges, concerns, and the strategic steps companies need to take to stay ahead.


Key areas covered:

- The current state and future predictions of AI adoption in financial reporting and auditing

- Benefits early adopters are experiencing

- Challenges and concerns, including data privacy and real-time auditing demands

- Strategic steps for businesses to integrate AI into their financial processes

- The evolving role of auditors and the new skill sets required in the AI-driven landscape.

AI is rapidly transforming the landscape of financial reporting and auditing, with 72% of companies already piloting initiatives and a surge to 99% expected within three years. In this episode of Enterprise Explores, we dive into how AI is revolutionising financial reporting and auditing, with insights from Foong Mun Kong, Head of Audit at KPMG Malaysia.As AI adoption in financial reporting is set to surge, we discuss the benefits, challenges, concerns, and the strategic steps companies need to take to stay ahead. Key areas covered:- The current state and future predictions of AI adoption in financial reporting and auditing- Benefits early adopters are experiencing- Challenges and concerns, including data privacy and real-time auditing demands- Strategic steps for businesses to integrate AI into their financial processes- The evolving role of auditors and the new skill sets required in the AI-driven landscape.

Helping you navigate the ever-changing universe of business, from headlines to the bottom line

Helping you navigate the ever-changing universe of business, from headlines to the bottom line

Enterprise Explores

AI in Financial Reporting: A Game-Changer for the C-Suite?

Today, we speak with Professor Dr. Saras Sarasvathy from the University of Virginia Darden School of Business, a pioneer in entrepreneurial theory, best known for her work on effectuation. This groundbreaking theory offers a fresh approach to entrepreneurship by encouraging entrepreneurs to start with what they have, leveraging existing resources and forming strategic partnerships, instead of waiting for perfect conditions.



Effectuation emphasises flexibility, collaboration, and the principle of "affordable loss," helping entrepreneurs navigate uncertainty by turning potential risks into manageable experiments. In today’s rapidly changing business landscape, this approach challenges traditional business planning, offering a more pragmatic, resourceful way to drive innovation.



In today’s conversation, Professor Saras will shed light on how effectuation empowers entrepreneurs to navigate uncertainty, leverage limited resources, and create opportunities through partnerships.

Today, we speak with Professor Dr. Saras Sarasvathy from the University of Virginia Darden School of Business, a pioneer in entrepreneurial theory, best known for her work on effectuation. This groundbreaking theory offers a fresh approach to entrepreneurship by encouraging entrepreneurs to start with what they have, leveraging existing resources and forming strategic partnerships, instead of waiting for perfect conditions.Effectuation emphasises flexibility, collaboration, and the principle of "affordable loss," helping entrepreneurs navigate uncertainty by turning potential risks into manageable experiments. In today’s rapidly changing business landscape, this approach challenges traditional business planning, offering a more pragmatic, resourceful way to drive innovation.In today’s conversation, Professor Saras will shed light on how effectuation empowers entrepreneurs to navigate uncertainty, leverage limited resources, and create opportunities through partnerships.

Unlocking Entrepreneurial Growth with Effectual Thinking

This week, Marriott International announced plans to open 20 new hotels in Malaysia by 2029, driven by the surge in tourism, in which Malaysia has seen a notable rise in the first half of 2024.



From breathtaking landscapes to vibrant cultural experiences, captivating both local and international travellers alike, the country's allure seems to be stronger than ever. One of the highlights at the recent MATTA Fair, which saw record participation, was a special focus on showcasing Borneo, positioning it as a must-visit destination for 2024.



To dive deeper into the driving forces behind this booming tourism wave, we speak with Nigel Wong, the President of the Malaysian Association of Tour and Travel Agents (MATTA). In our conversation today, we explore elements that have spurred this resurgence, the role of key destinations like Borneo, and how Malaysia is evolving to meet the growing demand from travellers.

This week, Marriott International announced plans to open 20 new hotels in Malaysia by 2029, driven by the surge in tourism, in which Malaysia has seen a notable rise in the first half of 2024.From breathtaking landscapes to vibrant cultural experiences, captivating both local and international travellers alike, the country's allure seems to be stronger than ever. One of the highlights at the recent MATTA Fair, which saw record participation, was a special focus on showcasing Borneo, positioning it as a must-visit destination for 2024.To dive deeper into the driving forces behind this booming tourism wave, we speak with Nigel Wong, the President of the Malaysian Association of Tour and Travel Agents (MATTA). In our conversation today, we explore elements that have spurred this resurgence, the role of key destinations like Borneo, and how Malaysia is evolving to meet the growing demand from travellers.

Local Tourism Numbers Are Up — What’s Driving the Surge?

Recently, the Malaysian Communications and Multimedia Commission (MCMC) announced a plan to redirect all Domain Name System (DNS) traffic through local servers, intending to protect against harmful online content such as gambling, pornography, and scams.



However, the backlash from the public and various stakeholders began almost immediately after the announcement. This measure raised concerns that the move could lead to online censorship, cybersecurity risks, and DNS poisoning, and negatively impact Malaysia’s digital economy, limiting access to international DNS services like Google or Cloudflare, which users often prefer for speed and privacy.



In response to the backlash, Communications Minister Fahmi Fadzil announced the suspension of the DNS redirection plan, emphasising that public feedback and concerns of the industry should be considered before moving forward to ensure that the directive would not impede Internet freedom or economic growth.



Today, we discuss this further, exploring the potential implications for businesses, digital freedom, and future tech investments. We’ll discuss the technical and economic ramifications of such a move and explore the broader context of digital regulation in Malaysia with Wong Wing Keong, Cybersecurity Principal Consultant, at Wired Realm to shed light on how this situation reflects the delicate balance between cybersecurity and digital freedom in today’s connected world.

Recently, the Malaysian Communications and Multimedia Commission (MCMC) announced a plan to redirect all Domain Name System (DNS) traffic through local servers, intending to protect against harmful online content such as gambling, pornography, and scams.However, the backlash from the public and various stakeholders began almost immediately after the announcement. This measure raised concerns that the move could lead to online censorship, cybersecurity risks, and DNS poisoning, and negatively impact Malaysia’s digital economy, limiting access to international DNS services like Google or Cloudflare, which users often prefer for speed and privacy.In response to the backlash, Communications Minister Fahmi Fadzil announced the suspension of the DNS redirection plan, emphasising that public feedback and concerns of the industry should be considered before moving forward to ensure that the directive would not impede Internet freedom or economic growth.Today, we discuss this further, exploring the potential implications for businesses, digital freedom, and future tech investments. We’ll discuss the technical and economic ramifications of such a move and explore the broader context of digital regulation in Malaysia with Wong Wing Keong, Cybersecurity Principal Consultant, at Wired Realm to shed light on how this situation reflects the delicate balance between cybersecurity and digital freedom in today’s connected world.

AI in Financial Reporting: A Game-Changer for the C-Suite?

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