PwC Thailand to fully roll out Next Generation Audit within 2-3 years

This strategic initiative will integrate PwC's Acquisition Hub and Data PRO solutions to enhance data collection and transformation capabilities, alongside predictive analytics by 2025. This would enable the firm to elevate audit quality, streamline complexity, and standardise processes, thereby fostering trust and delivering greater value for clients.

Pisit Thangtanagul, CEO of PwC Thailand, said, "We're upgrading our data collection, transformation, and predictive analytics through the implementation of PwC's Acquisition Hub and Data PRO solutions by 2025.

"Furthermore, we expect the complete deployment of the Next Generation Audit platform within the next two to three years. At present, we have adopted the Smaller Entity Audit tool for audit processes in key decisions related to risk assessment and scoping, which enhances audit quality for small businesses.

"The Next Generation Audit represents a significant transformation in auditing practices, placing greater emphasis on employees and clients. This is a fundamental change in how auditors operate. Across the PwC network, substantial investments are being made to expand and enhance AI capabilities and a global ecosystem. This initiative will standardise, centralise and automate audits, improving both the efficiency and quality of our auditors' work," Pisit said.

In today's complex audit landscape, businesses face challenges such as heightened regulatory scrutiny, rapid technological advancements, and demands for greater transparency and efficiency in data management.

PwC's Acquisition Hub and Data PRO solutions are designed to address these complexities by facilitating collaboration through standardised, centralised and automated data acquisition and transformation processes.

"PwC Thailand's full implementation of the Next Generation Audit platform is expected to significantly boost the efficiency and effectiveness of audits. Our approach remains human-led, powered by data and modern technology, aiming to boost trust and deliver more value by elevating work quality, reducing complexity and standardising processes," he said.

PwC honoured with prestigious awards for Next Generation Audit

In November 2024, PwC was awarded with two accolades at the International Innovation Awards in Kuala Lumpur, Malaysia, for excellence in products, service and solutions related to the Next Generation Audit. The awards recognised PwC's proprietary Predictive Analytics technology, which supports auditors in creating independent revenue expectations to bolster the audit process. PwC was also recognised for its Acquisition Hub and Data PRO solutions, which streamline and automate the data acquisition process.

The Acquisition Hub is a web-based interface designed to improve the transparency and communication between clients and the audit teams, while Data PRO is PwC's solution for managing client data not directly connected to financial systems. The solution reduces complexity and data transfer with clients by providing a globally standardised method for managing data in a common format, resulting in a seamless user experience.

These awards reflect PwC's commitment to integrating new technologies to enhance its auditing capabilities.

The PwC network is also committed to advancing AI applications and collaboration with leading technology companies. This is part of a multi-year programme of investing USD1bn in developing the Next Generation Audit platform, with the aim of elevating audit standards, streamlining complexity, automating workflows and delivering a faster, improved experience for clients and stakeholders.

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