Double win recognises PwC’s Predictive Analytics and Data Solutions (Acquisition Hub and Data PRO) for its Next Generation Audit
Product award recognised PwC’s proprietary Predictive Analytics technology which supports auditors in developing independent expectations of client revenue to support audit procedures
Service & Solution award recognised both PwC’s Acquisition Hub and Data PRO solutions which help standardise and automate data acquisition and transformation processes
LONDON, 19 December, 2024 – PwC won two awards at the 2024 International Innovation Awards held in Kuala Lumpur on 29 November. This regional recognition program celebrates outstanding global innovations and encourages ongoing investment in innovations that pave the path towards a better and sustainable future. PwC’s wins celebrate its next generation audit capabilities including Predictive Analytics and data solutions, Acquisition Hub (AQH) and Data PRO.
Wes Bricker, Global Assurance Leader, PwC US, said:
“We are honoured to have received this recognition, which underscores the transformative impact of our Next Generation Audit investment. Our approach goes far beyond simply enhancing audit quality; it delivers Network-wide benefits, starting with our Assurance line of service. These innovations are a testament to our commitment to reimagining the audit process—building trust, enhancing value, and expanding productivity. I am proud of the thousands of PwC’ers whose expertise and dedication are helping to make Next Generation Audit a reality. Together, we will continue to deliver cutting-edge innovation.”
PwC won the Product award for its Predictive Analytics for revenue regression tool. This cutting-edge technology employs cloud-based machine learning and advanced statistical models to predict client revenue to support audit procedures , enhancing the quality and efficiency of audits. By analysing full populations of transactions and incorporating built-in data reliability and model validation checks, the tool provides substantive audit evidence and valuable insights into revenue drivers. This innovation reduces the need for representative samples, saving time and effort for both PwC teams and clients, supporting enhanced quality and a more tailored audit.
PwC also won the Service & Solution award for its groundbreaking tools, Acquisition Hub and Data PRO. These innovative solutions revolutionise the audit process by streamlining data acquisition and transformation, enhancing efficiency, transparency and collaboration between PwC teams and clients on the data acquisition process. AQH provides a centralised portal for seamless data request management, while Data PRO automates data standardisation and validation, significantly reducing time and effort. Together, these tools exemplify PwC’s commitment to leveraging emerging technologies to transform the audit experience, driving quality, and delivering greater value and trust in a complex audit environment.
Mark Flavell, Global Next Generation Audit Technology Leader, PwC US, said:
“At PwC, we combine human expertise with cutting-edge technology to meet the evolving needs of our clients as a next generation professional services provider. Leveraging our global network, our investment in next generation audit capabilities like our Predictive Analytics and data solutions (Acquisition Hub and Data PRO) offerings will transform the delivery of audit services, enhancing audit quality, simplifying and standardising processes, and helping build trust for our clients. We are pleased to see these efforts celebrated by the International Innovation Awards”.
PwC is committed to investing in profession-leading technology that is human-led, tech-powered, and data-driven. PwC is a leader in developing and delivering a responsible approach to AI designed to address the broad and unique risks of AI and GenAI. Last year, PwC was awarded the 2023 ‘Digital Innovation of the Year Award’ at the International Accounting Forum & Awards for its global suite of AI services in support of its auditors. The technologies recognised by these innovation awards underpin PwC’s next generation audit platform, a fully integrated, data fuelled, ecosystem that enhances audit quality and value by streamlining data acquisition, standardising processes, and focusing auditors’ work on areas of higher risk.
Learn more about PwC’s Next Generation Audit.
About PwC
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 149 countries with more than 370,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com.
