An audit, notes Flavell, can be broken down into thousands of tasks and activities that each build toward and support the final audit opinion. Because many of these activities also involve assessing and testing massive amounts of data, PwC has begun exploring the combined benefits of cloud technology and AI in the audit process. “We have tens of thousands of clients, some of whom have petabytes of data,” explains Flavell. “To say that we need to handle data at an enterprise scale is an understatement.”

For James Chalmers, Global Assurance Leader at PwC, the prospect of developing the next generation of audit technologies is an exciting one. “What excites me is that we know we can do it,” says Chalmers. “Bringing AI technologies together in one platform, with one core solution provider at its heart, will generate a complete step change in how our people and clients experience our audit services.” PwC weighed its options carefully when deciding which solution provider would best meet its complex needs. 

Security and scalability were vital, but so was compliance with the data laws across the territories in which PwC operates. PwC leaders also wanted to be sure its solution provider could continue to meet its needs for the entirety of NGA’s lifecycle, including a commitment to refreshing the NGA tech stack with the latest emerging technologies. Moreover, PwC wanted to work with a company that brought more than the basics of cloud computing to the table. “Trust is the cornerstone of our business,” says Flavell. “That’s why we look to Microsoft to help safeguard our data, reinforce client data sovereignty, and help support compliance with data security regulations around the world.”

Trust-centered design powered by AI

For these reasons, PwC decided to create an NGA ecosystem with a number of Microsoft Azure solutions, including Azure OpenAI Service, Azure Cosmos DB, Azure Kubernetes Service, Azure App Service, and Azure global infrastructure. “We’re implementing Microsoft infrastructure to help future-proof NGA design, increasing the potential future adaptability of our assurance services and processes,” says Winnie Cheng, Director of AI in Products and Technology at PwC. “Generative AI capabilities within the Azure OpenAI Service open up possibilities for us to enable natural language interfaces for enterprise data.” 

As part of NGA, PwC will use Azure AI Document Intelligence to extract information from unstructured documents and compare it with standardized, structured data sources at scale. It will also use Azure AI Search to help PwC professionals more efficiently navigate to the guidance they need to complete their work. Interwoven with all of these data sources and AI solutions is Microsoft Fabric, which unifies multiple data sources and analytics services within its AI-powered platform. “With everything under the Azure umbrella, we can acquire, transform, and analyze data faster,” says Chalmers. “We can even ensure that the components that make up our solutions run smoothly together, which creates a well-integrated experience for our people.”

For PwC, NGA represents a $1 billion investment in transforming the audit experience for its people and clients, PwC’s most ambitious audit initiative ever. In addition to simplifying and standardizing the audit process, NGA aims to infuse the latest technologies, including AI, into the audit. PwC expects that NGA will enhance audit quality and value while streamlining data acquisition and allowing employees to focus more of their time on areas of higher risk. PwC also expects that the solution will help address areas critical to building trust in capital markets, including sustainability, AI, cybersecurity, diversity, and more. NGA promises many other benefits for PwC's client experience as well. “It’s the people part of NGA that excites me most,” says Chalmers. “By providing our people a seamless experience—where technology helps them interact with the information they need, in the best ways possible—we are empowering them to provide the best possible client service every day.” 

While Flavell agrees, he is equally interested in the future of the relationship between PwC and Microsoft. “I'm really excited about the work we’re doing together with Microsoft, and where that’s going,” Flavell says. “We continue to be in a position of strength, but there is also an element of giving back to the sector at large with this relationship. Together, our efforts will benefit not just PwC, but our profession as a whole.”