PwC’s Next Generation Audit: Predictive Analytics
PwC (PricewaterhouseCoopers International Limited)
PwC’s Next Generation Audit: Predictive Analytics
PwC (PricewaterhouseCoopers International Limited)
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PwC’s Next Generation Audit (NGA) is a human-led, tech-powered approach designed to revolutionize the audit experience, with an emphasis on enhancing audit quality and building trust.
PwC’s proprietary Predictive Analytics tool employs cloud-based machine learning and advanced statistical models to provide an independent expectation of client revenue to support audit procedures. The tool identifies key correlating factors from thousands of external datasets and incorporates various financial and non-financial metrics in its regression analysis, ultimately generating an independent revenue expectation.
Predictive Analytics may reduce revenue testing effort by up to 75%, while providing substantive audit evidence across full revenue populations and reducing the need for detailed sample testing. It requires minimal data input and supports all ERP systems, making it versatile and efficient.
PwC’s next generation predictive analytics tool ultimately reduces the burden on audit teams and clients, improves the understanding of client revenue patterns, and enhances overall audit quality. Beyond external audit, the tool can drive transformational change due to its extensive data portfolios and analytical expertise.
Highlights
- Enhances audit quality and assists teams in developing an understanding of the client's business.
- Analyses the entire revenue population to provide a more comprehensive view of clients’ revenue patterns and identifying additional insights to further inform the testing approach.
- Enables a more focused analysis and tailored testing approach, reducing the burden on audit teams and clients.
- Requires minimal data and supports all ERPs.
Next Generation Audit: PwC’s vision for the future. Human-led. Tech-powered. Data-driven.
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Back to Innovators
PwC’s Next Generation Audit (NGA) is a human-led, tech-powered approach designed to revolutionize the audit experience, with an emphasis on enhancing audit quality and building trust.
PwC’s proprietary Predictive Analytics tool employs cloud-based machine learning and advanced statistical models to provide an independent expectation of client revenue to support audit procedures. The tool identifies key correlating factors from thousands of external datasets and incorporates various financial and non-financial metrics in its regression analysis, ultimately generating an independent revenue expectation.
Predictive Analytics may reduce revenue testing effort by up to 75%, while providing substantive audit evidence across full revenue populations and reducing the need for detailed sample testing. It requires minimal data input and supports all ERP systems, making it versatile and efficient.
PwC’s next generation predictive analytics tool ultimately reduces the burden on audit teams and clients, improves the understanding of client revenue patterns, and enhances overall audit quality. Beyond external audit, the tool can drive transformational change due to its extensive data portfolios and analytical expertise.
Highlights
- Enhances audit quality and assists teams in developing an understanding of the client's business.
- Analyses the entire revenue population to provide a more comprehensive view of clients’ revenue patterns and identifying additional insights to further inform the testing approach.
- Enables a more focused analysis and tailored testing approach, reducing the burden on audit teams and clients.
- Requires minimal data and supports all ERPs.