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Tomorrow's
audit, today

Future of audit

PwC's innovative, digitally advanced audit services Duration: 01:50



Welcome to your new audit experience

Delivering
exceptional quality

Saving you
time

Giving you
deeper insight

A perfect blend of people + technology

Quality first, purpose always. That’s what drives us today and it’s how we’re bringing the audit into the future. Led by people who have the passion and skills to make a difference. And enhanced by powerful technology. Discover how we’re reimagining the possible for you, and for companies around the world, every day.

People-powered

Our team’s audit and digital IQ delivers high quality, exceptional service and new insights

Bringing the best of human and machine to your audit. We’re making big investments in people and technology. We are constantly adapting to change, equipping all of our people with new skills through our Digital Upskilling programme and giving them the tools and empowering them to put this learning to work. Think of your PwC team as digital problem solvers for your audit. The result: auditors who are digitally upskilled and continually looking for ways to bring innovation along with the integrity, independence, and professional skepticism you expect – digital problem solvers for your audit.

So you get the best of human and machine, for a more powerful and personal audit. Our audit is People-powered, to bring to you the six benefits of tomorrow’s audit, today.


Explore the six benefits of tomorrow’s audit, today

Greater Assurance

More efficient, more comfort

Bringing automation at scale to process voluminous amounts of data at high speed. This enables us to deliver greater coverage to provide you with more comfort.

So you can have greater insights from our risk-focused audit.

How we do it

Our Halo suite processes voluminous amounts of data at high speed enabling greater coverage to provide more comfort. It analyses the whole data set using algorithms to determine expected and unexpected transactions, allowing us to deliver a risk-focused audit to give you greater insights.

Precise

Focused, enhanced quality

We deliver a risk assessment that’s as unique as your business. We go deep into your industry and business to help identify more accurately where the risks lie. Using Aura, we can prioritise the most relevant financial reporting risks.

So you can have more confidence that our audit testing is relevant and rightsized.

How we do it

Our Aura auditing platform delivers an audit more tailored to your business, and is used globally across all of our audits. Aura enables us to formulate suitable audit plans through a more targeted testing to deliver enhanced quality.

Transparent

Global visibility, real-time status

Track progress and stay in touch with us through our Connect platform. It eliminates the need to track countless emails and you’ll also be able to see the status of audit requests, adjustments, control deficiencies, and statutory audit progress for all global locations – in real time.

So you have a real-time view into audit progress, anytime, anywhere.

How we do it

Connect is our collaborative workflow tool that can automatically flag and track outstanding items and issues for more immediate attention and resolution. You have a real-time view into audit progress, anytime, anywhere. This process continues through our time-tested, world-class issue resolution process.

Efficient

Less disruption to your work, more automation saves you time

We’ll reduce the time spent on the audit by automating manual tasks and streamlining workflow. We can also phase work throughout the year so audit season is less hectic. Together, we can complete much of the audit earlier, lessening crunch time in the end and providing more timely issue resolution.

So your people do less prep and have more time to run your business.

How we do it

Extract tool, a part of our Halo suite, enables us to seamlessly extract and securely transfer your data, saving you time on the audit through automating manual tasks.

PwC Confirmation Systems, a part of our Aura suite, reduces the time you spend on preparing paper confirmations traditionally.

We continue to scale our investments, delivering even more people+tech pairings to serve all of our clients, so your local teams can focus on judgment and matters that are unique to your business.

Customised

Tailored innovations, just for your audit

Your PwC team members are digitally trained and continually look for opportunities to automate routine audit tasks. Your Digital Accelerator, an auditor with specialised tech training, can also spot audit areas ripe for digital improvement – then build the automations to make it happen. These custom innovations along with deep sector experience and audit acumen make for an audit more tailored to your business.

So you can spend more time getting things done outside the audit.

How we do it

On-the-ground innovation is possible because of our commitment to building a truly digital workforce—made up of people who are skilled and empowered to use the latest tech to solve audit challenges. These digital guides will build bots, automated workflows, and data visualisations tailor-made for your audit to help eliminate busy work and reduce the potential for errors.

Insightful

Bringing audit insights to life so you can see your business better

With time saved on manual audit tasks made digital, your audit team can focus on digging deeper into important audit matters in a new way. From start to finish, they’ll leverage your audit data to bring deeper analysis, smarter anomaly detection, and the ability to spot audit-related trends.

So your audit is more relevant and full of insights.

How we do it

Our Halo suite of tools enables us to better spot anomalies or new trends. We then use the latest data visualisation tools so you can see beyond numbers on a page. This also enables us to target test and unlock new value and analysis related to critical audit areas.

We are consistently re-imagining the audit by investing and working on using advanced technologies to bring you fresh insights.

Explore how our audit technology can enhance audit through innovation

Innovation is imperative to managing the complexities of a business. At PwC, we’re investing in leading-edge technology, significant process improvements, and focused on digitally upskilling our people. 

We are bringing in an enhanced way of auditing that will deliver high quality and unique insights to our clients and businesses.

Connect logo
A collaborative workflow tool that allows fast, efficient and secure information sharing at every stage of the audit.

Connect streamlines, standardises and automates real-time communication between teams, accessible wherever you are in the world. This means:

  • Better information exchange and document management using a secure, web-based tool.
  • Process efficiencies through consolidation and automation of notifications.
  • Safe and secure communication for your teams and ours.
  • Significantly reduced document management effort.
  • Fast and efficient issue resolution due to real-time tracking.

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Connect: Makes it easy to stay on the same page

It’s where our clients’ teams and ours can be in touch 24/7 and where they see real-time status updates—even from their phone. One-stop for everything audit.

Halo logo
Award-winning data analytics tool that provides greater assurance and deeper insight.

Halo is revolutionising audit work by harnessing the power of data. It offers:

  • A greater understanding of your business to enhance audit quality.
  • A combined trend and ratio analysis that provides you insights using information already received as part of the audit.
  • Visualisations that highlight patterns and potentially higher-risk transactions instantly, enabling a deeper understanding of your business and supporting more relevant conversations.
  • Automation of manual tasks which leads to greater efficiency.

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1:28

Halo: Delivers precision and insights

Our Halo data auditing tools test huge volumes of data, analyzing whole populations to improve risk assessment, analysis and testing.

Aura logo
Single instance software that drives quality and consistency throughout the audit process

Aura, our global audit platform, takes a consistent approach to audit risk and provides real-time monitoring of engagement progress. This means:

  • A better understanding of your business due to end-to-end visibility of the audit process.
  • A greater focus on the things that matter thanks to a systematic, risk-based approach.
  • Pre-loaded risk software helps teams to spot the relevant risks and perform the right work to address them.
  • Consistency and quality of audit delivery.
  • Real-time monitoring of engagement quality and progress is available securely on mobile devices - anytime, anywhere.

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1:31

Aura: Fuels the audit and our teams

Think of our cloud-based Aura platform—used on every PwC audit across the globe—it’s our audit ERP where we build and execute the audit plan.

Aura

Single instance software that drives quality and consistency throughout the audit process

Halo

Award-winning data analytics tool that provides greater assurance and deeper insight.

Connect

Collaborative workflow tool that allows fast, efficient & secure info sharing at every stage of the audit.

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Assurance technology innovations

It allows organisations to understand and control RPA risks and identify opportunities to embrace RPA within their own organisation, auditors can position themselves as trusted advisors. RPA helps to automate audit tasks which enhances efficiency and effectiveness of the audit process. This would also help auditors to increase productivity, expand its risk coverage and help address the ongoing compliance burden by doing more with less.

Collecting real-time data from connected devices and using technology such as machine learning will help auditors interrogate data and empower them to examine unusual or unexpected items, surfacing risks that subsequently can be addressed and resolved.

PwC’s Cash.ai, named Audit Innovation of the Year 2019 by the International Accounting Bulletin, uses AI to automatically read, understand and test client documents, including reported cash balances, bank reconciliations, bank confirmation letters, foreign exchange and financial condition of the bank – in essence, the complete audit of cash.

Find out more about Cash.ai

Is a decentralised ledger, or list, of all transactions across a peer-to peer network. While cryptocurrencies like bitcoin gather headlines, of great interest is the underlying blockchain technology because of how securely the blockchain can record transactions in a ledger. As such, it can replace processes where transactions need to be verified by a third party.

Blockchain might also be able to replace random sampling by auditors, by making it easier and more effective to check every single transaction using code. This would also make it easier to investigate fraud, since real-time systems could highlight and investigate anomalies.

Drones can assist the auditors to gather data quickly and accurately by accessing hard-to-reach places, including stock taking over large areas and measuring the progress of an infrastructure. This makes a crucial difference in managing costs, controlling risks, increasing efficiency and influencing outcomes.

Find out more
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Contact us

Choo Eng Beng

Choo Eng Beng

Assurance Leader, PwC Singapore

Tel: +65 9757 4084

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Magdelene Chua

Magdelene Chua

Partner, Assurance Transformation, PwC Singapore

Tel: +65 9615 0648

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