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

PwC UK
13 Oct 202301:52

Summary

TLDRPwC 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.
  • đŸ‘©â€đŸ« 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.
  • đŸ€– 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.

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Étiquettes Connexes
PWC AuditsData AnalyticsInnovationFinancial AssuranceMicrosoft PartnershipAudit TechnologyDigital TransformationIndustry InsightsGlobal InvestmentOperational Efficiency
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