PwC Australia has initiated a global pilot programme that will see its clients transition to a $1bn (A$1.53bn) AI-native audit platform.
The platform is designed to streamline the audit process, enabling auditors to direct their attention to areas of “high risk” and “value”.
In collaboration with Microsoft, PwC has developed a platform that has the ability to be continuously updated.
The platform’s design enables component updates in line with new technologies through the integrated AI agents across the audit process.
This pilot involves five Australian audit clients, with plans to extend the platform to all PwC audit clients by 2028.
The system’s real-time analysis capabilities are expected to lead to “more efficient” audits, providing insights that align with the specific priorities of businesses.
PwC’s approach to rolling out this new platform in staged manner includes thorough testing of each capability with the consideration of regional and local compliance standards.
AI will manage workflow, analysis, and data tasks, while human auditors will continue to provide essential context, communication, and judgement.
The integration aims to elevate the role of auditors in critical thinking and informed decision-making, thereby enhancing client interactions and insights.
To prepare its auditors for the transition, PwC Australia has launched a extensive training programme. All members of the Assurance business are required to participate, ensuring they are equipped to work effectively with the new AI-driven system.
PwC Australia assurance leader Sue Horlin said: “Incorporating AI into our audits has enhanced the role of our auditors, giving them tools to improve the quality and experience of the audit for themselves and our clients.
“It reduces time on routine tasks and workflow management, and it provides informed analysis for our auditors to review, critically assess and use for complex judgements and insight. It’s a perfect blend where human expertise complements our leading-edge technology.
She added: “Having Australia front and centre of this programme will give our auditors the skills they need to deploy the technology as we continue to build on the industry-leading platform.”
Recently, PwC expanded its use of Oracle Fusion Cloud Enterprise Resource Planning (ERP) throughout its international network of firms.
The expansion is aimed at boosting financial controls, enhancing planning, and simplifying reporting process by integrating AI into its business operations.
“PwC Australia pilots AI audit platform for clients ” was originally created and published by International Accounting Bulletin, a GlobalData owned brand.
