PwC Australia rolls out pilot program for AI-assisted full audits

As part of a global pilot program, PwC Australia is rolling out a new ‘AI-native’ audit platform.

Sue Horlin, PwC Australia’s assurance leader, said the platform would see AI agents working to assess risk, design audit plans and workflows and test balances and controls, while keeping PwC’s auditors in the loop to provide context, analysis and decision-making.

“The AI-enabled features drive less time spent on data gathering and documentation and more time on insight and analysis – including against trusted third-party data,” Horlin said.

“This will be done in real time, on full population sets, providing unprecedented levels of scrutiny over judgements critical to the audit process.”

The program will initially include five Australian audit clients, with plans to roll it out across all audit clients by 2028. PwC said its AI-powered platform would allow its 1,600 auditors to focus more on high-value areas and forward-looking insights.

“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,” Horlin said.

“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.”

Previously, RSM audit partner Matthew Beevers told Accounting Times that AI had the capacity to change how auditors worked.

Due to AI’s unique capability to rapidly sift through large amounts of data, Beevers said ‘full audits’ are set to become more scalable and efficient, improving their quality and comprehensiveness.

“AI is already capable of sorting vast amounts of data in seconds. That means a future where auditors no longer rely solely on sampling is reasonably foreseeable.”

However, Beevers cautioned that an over-reliance on AI tools over professional judgement could introduce errors and lead to poorer audit quality, and introduce new risks related to data security and client confidentiality.

“We ... cannot overlook the potential for AI to get it wrong on occasion. Anyone who has used AI chat engines to answer questions will know they are not always accurate. The potential for inaccuracy in an audit can have serious repercussions,” he said.

“It is critical to balance AI capabilities with the judgement of an experienced professional. An experienced auditor has sifted through hundreds of clients’ financials across diverse sectors. This experience enables them to make connections that AI cannot. We will always need that human element.”

PwC said its new platform would see AI handling workflows, initial analyses and data-driven tasks, but keep human auditors in charge of context, communication and final judgements.

“Our AI systems are robustly designed to ensure accuracy, transparency and accountability, with human auditors providing essential oversight and validation,” Horlin said.

“We are committed to maintaining the highest standards of security and privacy, ensuring that client data is handled with integrity, care and responsibility within our secure environments.”