Want to feel old? ChatGPT was released this month…three years ago. Yes, only three. And, yes, we know: It feels like a lifetime. In those three short years, finance teams have rushed to invest in AI and pilot tools that, they hope, streamline workflows. And while ROI on many AI investments still proves…let’s be nice and call it elusive…we’re finally getting a much better sense of exactly how and where AI can assist with key finance functions, including the audit process. On October 27, PwC offered reporters a look at what the firm is calling “the next generation audit,” which currently consists of a slew of AI assurance tools either currently in use or in the pilot phase. Expanding the toolkit. “It’s a transformation of our entire audit practice,” Kyle Maryanski, US assurance partner and leader of the Next Generation Audit for PwC, told reporters during an Oct. 27 roundtable. “Yes, it’s rooted in technology. There’s a big base technology to that. But it also is talking about our people, process, and methodology and how we’re going to do things.” The “north star,” in Maryanski’s telling, is an “AI-integrated, end-to-end audit platform, which is where we’re going to get at the end of the day.” He said the global scale of the effort will eventually give the firm “consistency in how we collaborate and how we share information across countries, across accounting standards.” The upside of the gradual rollout is that as the firm debuts tools “in pieces and phases, we’re getting benefits immediately along the way.” What will PwC’s AI audit look like?—NP |