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Technology Enabled Audit
By embracing innovation and emerging technologies, not only do we deliver high quality audits, but we’re finally able to unlock the full value they can provide.
The right vision?
70%
of all CFOs currently feel threatened by digitalisation rather than seeing it as a chance
The right resource allocation?
25%
of finance function resources are allocated to data analysis and insight generation to the business
The right data strategy?
80%
of all companies lack the data quality, granularity and history to effectively leverage the potential of digitalisation
Empowering the workforce
Smarter auditors delivering higher quality
There’s no doubt that new technology can make everyone’s life easier, whether they’re the member of an in-house finance team or an external auditor. At PwC, we’ve gained the expertise to manage these challenges and help you implement the right solution that meets the needs of your company.
For this reason, we’ve embedded our technology-enabled audit in a framework that pays as much attention to the people aspects of transformation as to the technology. We’re significantly investing in upskilling all our people to be able to master new and emerging technologies.
Delivering faster, smarter and safer results
Embracing audit transformation
As a trusted partner, we tackle change hand in hand with our clients. We take the time to guide you through the ongoing process of identifying areas where innovation makes sense and then making sure the transition runs smoothly at a pace you’re comfortable with.
The result is state-of-the-art solutions that really serve our clients: automation and efficiency tools that allow you, and us as your auditors, to deal with the routine stuff more efficiently; and technology such as advanced analytics that enables us to devote our time and energy to work that adds quality, real insight and value to the business.
A technology-enabled audit works with the situation you’re in to deliver benefits beyond a high-quality audit that will boost your agility, your ability to deal with risk and uncertainty, and the performance of your business.
Driving value and making better decisions
Enabling us to add value to your business
Thanks to our experience with the interplay of people and technology in finance processes, we can help you respond to real transformation. We use emerging technologies to deliver faster, smarter and safer audits driving quality. And at the same time we share powerful digital tools that will give your financial team a firmer grip on their daily business, provide more insight, and help them improve the quality of what they do.
With the courage to embrace audit transformation, you can look forward to growing benefits and synergies as the process develops and matures – and your people are increasingly empowered to perform a new and more powerful role within the business as a whole.
Identify cost savings in your business
Gain insights enabling you to standardise and automate processes and control execution.
Mitigate your risks
Gain insights to improve control design, automate control execution and increase security provided by the financial audit.
Assure data accuracy and integrity
Gain insights to improve data quality and prepare for data analytics.
Comply with laws and regulations
Identify transactions which don't comply.
Protect your top line
Identify areas where you can enhance revenue generation or stop revenue leakage.
The audit re-imagined
What role will emerging technology play in the future of audit?
Driven by the need for high quality, cost-efficiency, security, transparency and fact-based decision-making, companies are making themselves part of digital information ecosystems where they’re connected with customers, suppliers, authorities, banks and financial markets, all sharing data and information rapidly on an automated basis. This is leading to an explosion in data volumes and forcing participants to adapt their processes, controls, structures and corporate governance systems accordingly – the only way of generating, analysing and making proper use of the necessary data.
Aura, our global audit platform, is used by our nearly 100,000 auditors worldwide on every PwC audit. It helps to make sure that things are done the right way - consistently and efficiently, globally and locally. The intended result is all of the elements of our audit fit together seamlessly - no duplications, no omissions.
Connect is our collaborative workflow tool, providing faster, more efficient and secure information sharing at each stage of the audit. It streamlines and monitors the document exchange process on a real-time basis. It allows both you and us to check progress anytime, anywhere.
As our client you can access Connect wherever you are, for improved visibility into real-time request statuses, built-in tracking to help drive accountability, and much more.
PwC estimates that 45% of workforce tasks can be automated. This could save an estimated USD 2 trillion in global workforce costs. Organisations can use RPA to automate manual tasks such as copying and pasting data between applications or reconciling and cross-referencing data.
In addition to developing RPA and implementing it in our internal processes, we’ve also built robotics for a lot of our clients. This combination of an internal and external view and the experience we’ve already gained helps us analyse your processes and evaluate where and how you could best implement RPA in your finance processes on the basis of our use cases.
RPA helps us auditors increase productivity, expand risk coverage and address the ongoing compliance burden by doing more with less.
Although it’s in its infancy, the AI-enhanced audit is already being used to make the audit process better. We’re using AI to spot patterns and anomalies in large bodies of structured data. Any problems identified are recognised and remembered by the machine, which then learns from its experiences and applies the learning to the next set of data.
Traditional analytics is widespread, and many organisations are taking advantage of their structured data to unlock insights and drive decisions. But the majority (around 80%) of the data generated by humans is unstructured, and isn’t used to its full potential. Natural language processing (NLP) enables machines to tap into the wealth of information present in unstructured data.
NLP software can facilitate tasks that normally require a significant time investment to read and understand text. We us this technology in the audit to capture data, extract concepts and identify relationships from unstructured text documents (such as bank confirmations, contracts, etc.).
Blockchain can help CFOs streamline processes, enhance transparency and create new ways of working with partners and customers. When combined with AI, the internet of things (IoT) and intelligent automation, blockchain can play a central role in moving the finance function towards the future they envision − one in which routine tasks are completed without a second thought, giving the finance workforce time to focus on strategy and operations.
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.
PwC has globally launched the cryptocurrency audit tool, which was developed in Switzerland.
Halo is PwC’s leading-edge technology for data extraction, auditing and visualisation. It is transforming the way we audit and unlocking a wealth of information, providing deeper real-time insight from data and allowing us more visibility into your business.
Large volumes of transactions can be interrogated and analysed. This helps us more efficiently and effectively assess risk and focus on items of significance to the audit. In Switzerland, we us tailored solutions to serve our clients across all industries.
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Contact us
Dr. Michael Abresch
Partner and Leader Assurance Transformation, PwC Switzerland
Tel: +41 58 792 21 20
Kristina Prenrecaj
Director and Leader Technology Enabled Audit, PwC Switzerland
Tel: +41 58 792 25 30