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LONDON, 20 July 2023 - PwC was awarded the 2023 'Digital Innovation of the Year Award' at the 12th annual International Accounting Forum & Awards in London, June 29, for its global suite of AI services in support of its auditors.PwC's award submission, entitled: "Next generation AI services for the next generation auditor," focuses on PwC's industry leading capabilities like predictive analytics and AI-assisted financial statement disclosure checking, as well as capabilities exploring the potential of generative AI. A culture of innovation across the PwC network of firms continues to drive the creation of tech-enabled solutions addressing both local and global needs, including the technologies underlying this suite of AI services for PwC's next generation audit.The annual awards event brought together "global accounting firms along with regulators and industry bodies, consultancies and advisors, law firms, and technology providers to engage on the key themes impacting the sector and the opportunities for growth," according to the event's website.James Chalmers, Global Assurance Leader, PwC United Kingdom, said:"PwC is investing heavily in AI in our audit which we believe will deliver a generational leap forward in the way we deliver our work. It will augment our capabilities and further enable our teams to focus on those areas critical to building trust in what matters to our clients and their stakeholders."James Chalmers, Global Assurance Leader, PwC United Kingdom PwC's ongoing innovation in AI in the auditPwC's proprietary predictive analytics employs cloud-based machine learning and advanced statistical models to provide PwC auditors with the ability to predict client revenue to support audit procedures. This technology enables full population analysis of transactions that make up a financial statement line item balance, and includes built-in data reliability and model validation checks helping PwC teams further enhance their understanding of clients' businesses, while delivering a more tailored, quality audit.PwC's proprietary AI-assisted financial statement disclosure checking uses AI capabilities to augment the review of financial statement disclosures, and will also assist with sustainability and climate reporting in the future, reducing turnaround times, enhancing quality and unburdening the auditing process.PwC's exploration of Generative AI and AI-enabled search functionality seeks to provide auditors with the ability to pinpoint relevant information with accuracy and precision and generate relevant summaries to support the audit process. The prototype capability...