- PwC awarded the 2023 Digital Innovation of the Year Award
- Award recognises PwC’s AI capabilities for auditors: Predictive analytics, AI-assisted financial statement disclosure checking and AI-enabled search functionality
- PwC’s AI capabilities recognised as ‘a new initiative or innovation in audit which made a major change in improving audit quality, efficiency or added value to clients’
PricewaterhouseCoopers Aarata LLC
21 July 2023
PwC was awarded the 2023 ‘Digital Innovation of the Year Award’ at the 12th annual International Accounting Forum & Awards in London, June 29, for its suite of global AI services in support of its global auditors.
PwC’s award submission, entitled: “Next generation AI services for the next generation auditor,” focuses on PwC’s industry break-through capabilities like predictive analytics and AI-assisted financial statement disclosure checking, as well as capabilities exploring the potential of generative AI. A culture of innovation across the PwC network of firms continues to drive the creation of tech-enabled solutions which address both local and global needs, including the technologies underlying this suite of AI services for PwC’s next generation audit.
The annual awards’ event brought together “global accounting firms along with regulators and industry bodies, consultancies and advisors, law firms, and technology providers to engage on the key themes impacting the sector and the opportunities for growth,” according to the event’s website.
James Chalmers, Global Assurance Leader, PwC United Kingdom, said:
“PwC is investing heavily in AI for audit which we believe will deliver a generational leap forward in the way we deliver our work. It will augment our capabilities and enable our teams to focus on those areas critical to building trust in what matters to our clients and their stakeholders.”
Masataka Kubota, Deputy Chief Executive Officer and Assurance Leader, PricewaterhouseCoopers Aarata LLC, said:
“In 2016, PricewaterhouseCoopers Aarata established the AI Audit Lab which has since worked both to develop AI in Japan and to actively participate in the development and utilisation of AI globally. Many of the various initiatives that have been recognized with awards this year have already been introduced in Japan or will be introduced soon, and some of the AIs we have developed in Japan have also already been implemented as part of those initiatives. At PricewaterhouseCoopers Aarata, we are actively working on the development and introduction of AI alongside our efforts to standardise operations and data and to develop human resources to realise audit innovation, and continue to work to build trust in society and solve important problems.”
PwC’s recognised AI audit capabilities
PwC’s proprietary predictive analytics employs cloud-based machine learning and advanced statistical models to enable PwC auditors with the ability to predict client revenue. This technology enables full population analysis of transactions that make up a financial statement line item balance, and includes built-in data reliability and model validation checks helping PwC teams develop a better understanding of clients’ businesses, while delivering a more tailored, quality audit.
PwC’s proprietary AI-assisted financial statement disclosure checking uses AI capabilities to augment the review of financial statement disclosures, including sustainability and climate reporting, reducing turnaround times, enhancing quality and unburdening the auditing process.
PwC’s exploration of Generative AI and AI-enabled search functionality seeks to provide auditors with the ability to pinpoint relevant information with accuracy and precision and generate relevant summaries. The prototype capability enables PwC professionals to search through significant volumes of accounting and auditing guidance, or customise their experience by uploading and querying their own documentation - eliminating the need for manual search.
Mark Flavell, PwC's Global next generation audit technology Leader, PwC United States, said:
“As a human-led, tech-powered organisation, PwC has the global reach that clients expect from a next generation professional services firm. We are moving quickly to develop and deploy machine learning and natural language processing capabilities across our global audit ecosystem. Our AI-enabled, data-driven services -- including generative AI and anomaly detection -- help to solve age-old challenges, which in the past may have burdened internal teams and clients organisations, as they support the audit process. This generational leap forward will augment the capabilities of our professionals and free them up to do more of what they do best.”
PwC has been pioneering AI and professional services
PwC has a history of integrating AI in the delivery of audit services. In 2017, PwC made a significant investment in pioneering AI for audit by building a revolutionary bot that used AI and machine learning to ‘x-ray’ a business, analysing billions of data points in milliseconds - seeing what humans can’t - and applying judgement to detect anomalies in the general ledger. Called GL.ai, it was named the 'Audit Innovation of the Year' by the International Accounting Bulletin in 2017.
Following PwC’s award-winning momentum, the firm’s work on Cash.ai won the 2019 ‘Audit Innovation of the Year’ from the International Accounting Bulletin. Cash.ai uses AI to automatically read, understand and test client documents, including cash balances, bank reconciliation, bank confirmation letters, foreign exchange and the financial condition of the bank.
At PwC, we are already transforming how our 328,000 strong global workforce delivers everything from audit, to tax and legal services, and consulting.
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About PricewaterhouseCoopers Aarata LLC
As a member of the PwC global network, PricewaterhouseCoopers Aarata LLC is building trust for the future of Japan. We provide high-quality audit services that meet global standards, building on trusted audit approaches and cutting-edge technologies developed throughout the long history of the PwC network. We also leverage this knowledge to advise our clients through broader assurance services in a variety of fields, including accounting, internal controls and governance, as well as cybersecurity, regulatory requirements, digitalisation and initial public offerings.
About PwC
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 152 countries with nearly 328,000 people who are committed to delivering quality in assurance, advisory and tax services.
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