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.

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

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.

Accelerate digital transformation

Emerging tech is perhaps the biggest disrupter of the 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 making audits faster and smarter and reducing the risk of error.

While technology is already improving audit quality, how will these newer technologies deliver greater insight and judgment?

Harness your data

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 a holistic approach 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.

A 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

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 improve 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 the 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 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 the audit of the future?

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?

(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 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.

Technology that’s changing 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 the audit.

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.