Unlocking the full value of the audit through innovation
The audit revolution is about transforming the 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 an enhanced way of auditing that delivers high quality and meets client expectations.
Artificial intelligence (AI)
The AI-enhanced audit is in its early stages, but AI is already being used to improve the 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 and insight.
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?
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 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.
Innovation is imperative to managing the complexities of a business and being successful in this evolving environment. We’re embracing transformation by investing in leading-edge technology, significant process improvements, leadership and performance development for our people which will usher in an enhanced way of auditing that delivers high-quality, unique insights to our clients.
Corporate reporting is in need of a reboot. Savvy companies are recognizing and responding to the emerging challenges of a new technology-enabled environment and are preparing to play an altogether changed game.
Video discussion excerpt on trust and the profession.
When deployed strategically, emerging technologies have the capability of being transformative game-changers for your business. These solutions can provide a major competitive advantage to your company.
Data is key for finance executives wanting to use new technologies like AI, RPA and blockchain. With so much data available, the ability to harness deeper, real-time insights is a competitive necessity. PwC can show you how.
Artificial intelligence (AI) is a source of both huge excitement and apprehension. What are the real opportunities and threats for your business?
Learn how PwC’s Data and analytics services can help your organisation find opportunities for growth, enable innovation, and gain a competitive advantage.
Today, organisations in every profession are experimenting with emerging technologies and facing the reality of a disruptive tidal wave. Now audit faces a game-changing moment of its own. Technology has already improved audit quality, but how might newer technologies like artificial intelligence deliver greater insight and better judgement?
Where business and experience meet emerging technology.