PwC has won the 2019 Audit Innovation of the Year award from the International Accounting Bulletin (IAB) with its pioneering AI technology. This is the third time we have won this award within the last four years.
These awards celebrate excellence in the accounting profession and recognise organisations that have made a major change in improving audit quality, efficiency or added value to clients.
This showcases how disruptive technologies can fundamentally change the way we approach audits. We are excited by what it will do now and its potential for the future. For the audit to continue to have relevance for businesses and society, we believe that tomorrow’s audit needs to be broader, deeper and more forward looking. We are committed to investing in technologies to keep the audit fit for purpose and relevant for the future.
Cash.ai was named Audit Innovation of the Year 2019 by the International Accounting Bulletin.
It 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.
As well as improvements in quality and reliability, clients are benefitting from a more seamless experience through automated data requests and the immediate identification of issues.
GL.ai was named the ‘Audit Innovation of the Year’ by the International Accounting Bulletin in 2017.
PwC has made a significant investment in pioneering artificial intelligence (AI) for the audit. GL.ai, a revolutionary bot, was developed by a team of our best auditors working with a leading-edge Silicon Valley AI company. It uses AI and machine learning to ‘x-ray’ a business and provide unprecedented insight, analysing billions of data points in milliseconds and applying judgement to detect anomalies and unusual accounting activity in the general ledger.
GL.ai has been successfully trialled on 20 audits in 12 countries and regions including Canada, Germany, Sweden and the UK.
In 2016, our data-auditing tool Halo won the award.
Halo is revolutionising our audits, enabling greater assurance and deeper insight by harnessing the power of data. It scans huge volumes of business-critical data, enabling improved risk assessment, analysis and testing, and unlocking insight.
Find out more about Halo and other PwC audit technologies by downloading Technology in the PwC Audit booklet.