Powering the future of Audit through AI, Data, and Technology

Summary

PwC is revolutionizing audit delivery by integrating industry expertise with cutting-edge technology, supported by a $1 billion global investment in next-generation audits. With over 5,700 auditors trained in data analytics and the development of AI-powered data frameworks in partnership with Microsoft, PwC analyzes more than 20 billion lines of data annually. This approach enables early issue identification and greater assurance by testing all of a company's financials. By combining data visualization with business process insights, PwC continuously innovates to enhance confidence in critical audit areas.

Takeaways

• 📈 PWC is integrating industry and technical expertise with advanced technology to enhance audit delivery.
• 💰 The firm is investing $1 billion globally to develop the next generation of auditing.
• 👩‍🏫 Over 5,700 auditors have been trained in data analytics tools to improve their capabilities.
• 🚀 184 auditors have been upskilled to become PWC digital accelerators, driving innovation in the audit practice.
• 🤖 A new data framework developed in partnership with Microsoft includes AI-powered connectors for automatic data acquisition.
• 📊 PWC analyzes over 20 billion lines of data annually across more than 2,000 companies.
• 🔍 The data platform allows for testing over 100% of a company's financials, enabling early identification of issues.
• ⏳ This approach moves away from traditional year-end testing, increasing efficiency and reliability.
• 📉 By combining data visualization with business process expertise, PWC offers detailed insights into client operations.
• ✨ PWC is committed to constant innovation, seeking efficient ways to enhance confidence in critical areas of auditing.

Q & A

What is the main goal of PWC's investment in audit technology?

PWC aims to reshape the way audits are delivered by combining industry expertise with technology, investing $1 billion globally to develop the next generation of audit.

How many auditors have been trained in data analytics tools at PWC?

Over 5,700 auditors have been trained in PWC's data analytics tools.

What role do PWC digital accelerators play in the audit practice?

PWC digital accelerators are auditors who have been upskilled to drive innovation across the audit practice.

What partnership did PWC establish to develop its new data framework?

PWC developed its new data framework in partnership with Microsoft.

What capabilities do the AI-powered connectors in PWC's data framework offer?

The AI-powered connectors can automatically acquire data from the companies PWC audits, allowing for extensive data analysis.

How much data does PWC analyze annually for its clients?

PWC analyzes over 20 billion lines of data per year for more than 2,000 companies.

What advantage does PWC's data platform provide in terms of financial assurance?

The data platform enables a greater level of assurance by testing over 100% of a company's financials, allowing early identification of issues.

How does PWC combine data visualization with its audit process?

PWC combines data visualization with business process expertise to provide detailed insights into the operations of the companies it audits.

What is PWC's approach to innovation in the audit practice?

PWC is constantly innovating to find more efficient ways to provide greater confidence in critical areas of audit.

What traditional method does PWC aim to move away from in its audit process?

PWC aims to move away from traditional year-end testing by utilizing its data-driven approach to identify issues earlier.