Tech-supported audit: building the future today

Adam D’Angelo
Partner, Assurance COO and Assurance Transformation Leader at PwC Switzerland

Article overview

Audit transformation is no longer optional. Stakeholders today expect more from audits than routine financial validation – they want deeper insights, actionable recommendations and tangible value that enhance decision-making. At the same time, CFOs have shifted from traditional scorekeeping to driving broader business performance, reflecting organisations’ increasing adoption of digital ecosystems in which data is exchanged between customers, suppliers, banks and regulators in near-real time. These complex networks require technology that is robust enough to handle multiple regulatory requirements, maintain quality and ensure security. As a result, audit must leverage analytics and automation to meet these challenges, improve quality and extract the information required to make informed decisions.

Technological transformation is a strategic tool

Technology is at the heart of audit transformation. Through data-driven platforms – such as our Halo tool – we can rapidly access, process, analyse and visualise financial and operational client information, freeing up time for more strategic discussions. Automation and artificial intelligence help with repetitive tasks, enabling teams to focus on higher-value work, such as interpreting results and anomalies or discussing strategic issues with the client. Our teams are thus able to leverage their expertise and spend more time helping clients to grow their businesses rather than gathering background information.

A central tenet of audit transformation is the promise of a better experience. Clients are increasingly looking to us to reduce the burden of the audit process by automating data extraction – requiring less of their time – while using advanced data analytics to conduct more in-depth, accurate audits. In practical terms, this means adopting platforms that can ingest large volumes of data, identify anomalies and highlight areas of risk – all with minimum disruption to our clients. The result is a powerful combination of reduced effort to provide audit evidence, faster assessments and richer insights. By pulling relevant data directly from our clients’ systems and returning it in clear and actionable formats, we offer real-time perspectives rather than once-a-year findings.

Change beyond technology

However, audit transformation goes beyond technology. It requires a cultural shift in a profession traditionally focused on minimising risk and averse to change – which can be difficult and scary. This tension between the imperative to innovate and the requirement to maintain quality can create friction. The introduction of AI-driven tools and revised workflows must be accompanied by clear use cases, robust training and tangible demonstrations of value. And while experimentation is essential, it must be carefully managed: clients rightly expect flawless quality, so any introduction of new technology requires dependable back-up processes and contingency plans.

Financing transformation also raises questions. It may seem counterintuitive to make significant investments in next-generation tools if there is no immediate reduction in staff costs. Yet audit transformation is not about cutting costs; it is about enabling new ways of delivering quality and value. Forward-thinking leaders recognise that the significant investment in technology will pay off in the form of greater insights, higher quality and a better audit experience. Ultimately, this is what clients notice and appreciate – and what will differentiate our profession in the long run.

How about Switzerland?

Looking specifically at Switzerland, the complexity of the market presents both challenges and opportunities. Many international organisations with multiple listings are headquartered in Switzerland and require auditors who can navigate different reporting standards, often simultaneously. Not only do they need to demonstrate in-depth knowledge of US GAAP, IFRS, UK GAAP, etc., but they also need to adapt quickly to changing compliance requirements. This environment requires customised solutions and flexible technology resources. Our team members have developed AI tools that can quickly survey a range of accounting policies and client-specific memoranda, helping our teams to prepare more effectively for client interactions. This saves our clients time and provides them with a more informed, enhanced experience.

For large multinationals, we provide a single, integrated audit approach tailored to each company’s needs, covering both financial statements and sustainability reporting as well as ensuring quality without duplication.

Investing in long-term value

On a personal level, I find the greatest reward of audit transformation is the opportunities it creates – for our experts and for our clients. For our professionals, it’s a chance to broaden their skills, manage change and lead innovation across the firm and beyond. We are developing a generation of professionals who not only have the traditional audit skills, but also the ability to lead transformation projects and multinational teams – capabilities that are highly valued in the marketplace. For our clients, audit transformation offers a chance to redefine the role of the audit – unlocking opportunities to drive growth, gain fresh insights, enhance efficiency, streamline processes and strengthen operational resilience.

What began at PwC decades ago with investments in computers and basic software has grown into an ongoing commitment to technology, methodology and – most importantly – people. By taking a long-term perspective beyond the immediate annual cycles, we honour the investments of the visionaries who came before us while creating new opportunities for future partners, employees and clients. After all, the essence of transformation is not just to update a process, but to create lasting improvements that will keep us at the forefront of our profession.