Innovation in the internal audit

In an environment of disruption where the business landscape continues to be impacted by new technologies, audit clients expect more than service offerings to help with regulatory issues, trust and service quality. Today, companies in Canada want to be able to take advantage of innovation, data and new technologies to realize the full value of the audit. Put simply; they want innovation in the internal audit process.

Balancing business understanding and auditing with technology, innovation and human insight—that’s Intelligent Digital.

The audit revolution is about transforming the internal audit through innovation, focusing on three parts that are key to success in the audit of the future—technology, insights and people—and how these elements complement each other on the path to providing innovations in the internal audit process way of auditing that delivers high quality and meets client expectations.

Accelerate digital transformation

Emerging tech is perhaps the biggest innovation opportunity for the internal audit, as it can enable continuous and real-time audits, changing the dynamic when it comes to processes and the involvement of larger teams.

Systems powered by machines, robots, blockchain, virtual reality (VR) and artificial intelligence (AI) are quickly learning to carry out tasks traditionally done by people in many industries. These emerging technologies are driving innovation making internal audits faster and smarter and reducing the risk of error.

While technology is already improving audit quality, how will these innovations in internal audit processes deliver greater insight and judgment?

Harness your data through more innovative audits

Companies often waste vast amounts of time, resources and efforts on data collection and processing, slowing down access to new data and value and leaving large amounts of information without a purpose.

In a quickly changing landscape, it’s hard to shift out of this reactive mode. That’s why it’s important for Canadian organizations to unlock the full value of their data by taking an innovative approach to audits that uses both technology and people to uncover hidden threats and new opportunities.

By combining the human element and fresh thinking with cutting-edge technology, companies will be able to better extract and analyze more data than ever before, providing an enhanced picture of business trends and opportunities.

An innovative auditing strategy that matches the right people with the right data, insights and resources will allow companies to use their data more efficiently, while driving better value and making faster decisions.

Revolutionize the world of work with innovation in internal audit processes

Emerging technologies and disruption continue to influence the way all businesses operate, and the audit landscape is no different. Companies are looking at technology to drive innovation within the audit experience.

Before embarking on their journey towards automation, AI, blockchain or VR, organizations in Canada need to enable their people to stay ahead of change by establishing a culture led by the human element and embracing the power of innovation.

Machines bring many benefits to an innovative audit process and are able to give much more certainty when processing data. But someone will always be needed to program those machines and, more importantly, provide professional skepticism as well as human judgment. Understanding that collaboration between human and machine will help unlock the full value of the internal audit. And encouraging a workforce transformation that concentrates on a new culture to foster that relationship is fundamental.

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What role will technology play in driving innovation within the audit?

Artificial intelligence (AI)

The AI-enhanced audit is in its early stages of innovation, but AI is already being used to improve the internal audit process. AI allows companies to spot patterns and anomalies in large bodies of structured data. Any problems identified are recognized and remembered by the machine, which can then learn from its experiences and apply those learnings to the next data set.

Natural language generation and processing

Today, intelligent machines can analyze and translate large amounts of structured data into plain English, providing organizations with better value, insight and innovation from their internal audits.

Virtual reality (VR)

Why couldn’t VR also be used to train auditors by dropping them into a simulation of day-to-day audit situations, such as a stock count highlighting potential red flags It’s the next innovation in auditing.

(AI) for the audit

We’re exploring how AI can deliver even greater levels of reliability, efficiency and insight. By combining AI technology with auditor expertise, we’ve developed GL.ai, an award winning and innovative auditing product.

GL.ai, the first module of PwC’s Audit.ai, speeds up the audit process, generates insights that boost efficiency and provides confidence that attention is being focused on areas of true risk. The next Audit.ai modules are in development, and they’re set to continue to revolutionize the audit by enhancing client service, quality and efficiency and giving our people more time to turn data insights into business action. That’s innovation in internal auditing.

Technology that’s driving innovation in the audit

We’re re-engineering and bringing innovation to the audit with Aura, Halo and Connect: three unique technologies that underpin the safety, insight and real-time capability of the audit process.

Aura

A common global software platform that provides quality and consistency throughout an innovative audit process

Halo

Award-winning technology that’s revolutionizing audits by harnessing the power of data.

Connect

A planning tool that provides fast, efficient and secure information sharing at every stage of the audit.