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By Staff Reporters

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We’ve all known the AI audit is coming—but a new report from KPMG proves just how popular AI has already become in the audit process. The report polled more than 200 financial reporting leaders in the US between July and August. The headline takeaway? The AI audit is already close to ubiquitous.

Sixty-five percent of respondents said they’re already using AI in their job functions, while 49% said they’ve “piloted or deployed generative AI solutions.” Meanwhile, 71% said they expect to use AI “extensively in the next three years.”

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Microsoft and Amazon are reportedly in the midst of a mega deal summing up to approximately $1 billion.The deal will help Amazon acquire 550,000 Microsoft 365 E5 licenses for its corporate workers, alongside one million Microsoft 365 F5 licenses for its front line employees.Amazon employees already use traditional, on-premises Microsoft Office software, but the company is now gearing up to transition to cloud-based productivity tools.

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Here is where the major benchmarks ended:

• The S&P 500 Index was up 7.64 points (0.2%) at 4,365.98; the Dow Jones Industrial Average was up 34.54 points (0.1%) at 34,095.86; the NASDAQ Composite (COMP) was up 40.50 points (0.3%) at 13,518.78.
• The 10-year Treasury note yield was up about 9 basis points at 4.649%.
• CBOEs Volatility Index (VIX) was down 0.02 at 14.89.

Oilfield services shares and other energy companies were among the weakest performers Monday despite crude oil futures rising after Saudi Arabia and Russia reaffirmed commitments to extra voluntary oil supply cuts until the end of the year.

The banking and real estate sectors were also under pressure. Health care stocks led gainers, as the S&P 500 Health Care Index (SP500-35) climbed to its highest level in nearly three weeks. The small-cap-focused Russell 2000 Index (RUT) dropped about 1.3%

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Filed under: Accounting, Alternative Investments, Financial Planning, Funding Basics, Glossary Terms, Information Technology, Investing, Research & Development | Tagged: AI, AI audits, Amazon, banking, banks, DJIAm, energy, gold, inflation, KPMG, markets, microsoft, Microsoft Office, MSFT, NASDAQ, oil, Russell 2000 Index, Russell Index 2000, RUT, S&P 500, S&P 500 Health Care Index, SP500-35 | Leave a comment »