Financial statement audit

Tech-enabling the audit for enhanced quality and greater insights

PwC's tech-enabled audit

Emerging technologies have revolutionized many aspects of business, and the audit is no different. 

At PwC, we are tech-enabling the audit, matching emerging technology with the skills of our people to dramatically shift how we work. Our award-winning auditing tools help to shift manual tasks to machines, allowing us to focus more on areas of higher risk and deliver new insights.

Our people and approach are critical to this development. Technology is just the enabler.  We call it “human and machine collaboration” - and this combination is far stronger than either one alone.

PwC Wins 2017 Audit Innovation of the Year

We're proud to have been recognized for the second year running with the prestigious Audit Innovation of the Year award by the International Accounting Bulletin.

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Video: PwC's tech-enabled audit

How PwC is innovating the audit

Understanding your business and gaining deeper insights

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Halo uses data analysis and visualization to identify areas of higher risk for your organization and generate insights.
 

  • Enables a greater understanding of your business to enhance audit quality
  • Visualizations offer deeper understanding of your business, resulting in greater insights 
  • Automation means manual tasks can be automated. 
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Driving quality and consistency through a risk-based approach

Aura is our single instance “audit ERP” system that helps teams get work done one way - the right way - consistently and efficiently, globally and locally.

  • All audit elements fit together seamlessly 
  • Enables a risk-based approach
  • Underlying technology allows teams to optimize testing

Connecting people in real time

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Connect streamlines, standardizes and automates real-time communication in the workflow 24/7 wherever you are in the world.
 

  • Better information exchange and document management using a secure, web-based tool
  • Drives process efficiencies, significantly reducing the document management efforts
  • Real-time tracking enables speedy issue resolution 
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Keeping an eye on the future

We continue to invest in our audit technology and the skills of our people to keep up with the rapid pace of change. For example:

  • Artificial Intelligence has the potential to automate much of what we do today. By combining AI technology with auditor expertise, we are creating products that exceed the abilities of both.
  • Robotic process automation is transforming the world of finance, including the audit. We are developing ways of robotizing (cyber-shoring) basic audit functions previously offshored.
  • Drones will bring viable solutions for many businesses in the near future, and audits are no exception.
  • Blockchain technology has the potential to significantly impact the audit, given the automation involved when recording transactions.

 

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Emerging technology for the finance function

As markets evolve and become more complex and new technologies emerge, how will CFOs and others in the finance function know which information to rely on? Technology has already improved audit quality, for instance, but how might newer technologies like artificial intelligence and blockchain deliver greater insight and better judgement?

Explore additional discussions and points of view from our global Confidence in the future series.

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Maria Moats

Vice Chairman and US Assurance Leader

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