PwC has won the 2019 Audit Innovation of the Year award from the International Accounting Bulletin (IAB).
The Audit Innovation of the Year award is given by IAB to new innovations with the potential to improve efficiency, audit quality and stakeholder satisfaction as well as the potential to enhance the relevance and value of assurance services. It is worth noting that PwC is awarded by the IAB for the third consecutive year for the innovative technologies it has developed.
The award for Cash.ai, which automates the audit of cash, was presented to Gary Rapsey, PwC’s Global Assurance Chief Innovation Officer, at a special event held in London. Cash.ai uses AI to automatically read, understand and test client documents including reported cash balances, bank reconciliations, bank confirmation letters, foreign exchange and the financial condition of the bank - in essence, the complete audit of cash.
Cash.ai is the first working module towards a fully AI-enabled audit and takes audit quality and efficiency to a new level by standardising the approach and harnessing intelligent automation. Cash.ai has so far been piloted in four countries.
PwC partnered with a world-class, Silicon valley, AI company with Kaggle Grand Master data scientists, and London-based UI/UX designers to develop Cash.ai. The use of driverless AI (using AI to build AI), allows the development of AI algorithms quickly and accurately, and enables Cash.ai to be deployed on a global scale without the need to employ an army of data scientists.
Gary Rapsey, Global Assurance Chief Innovation Officer, said:
“We are very proud to win this prestigious award. It showcases how disruptive technologies can fundamentally change the way we approach audits. And we’ve had an overwhelmingly positive response to Cash.ai. We are excited by what it will do now and its potential for the future.”
Yiangos Kaponides, Head of Assurance at PwC Cyprus, said:
“In order for the audit to continue to create value for businesses and society in the digital era, it needs be broader, deeper and more forward looking. Cash.ai demonstrates the commitment of PwC to investing in technologies that are relevant for the future.”
Director - Marketing & Communications, PwC Cyprus