PwC Singapore’s Transparency Report Ushers in New Era of Audit Powered by People and AI

Photo by Zhu Hongzhi

PwC Singapore released its annual Transparency Report for the 2023 fiscal year on Tuesday, underscoring the accounting firm’s commitment to upholding quality, transparency and accountability in its auditing practices.

The report comes as PwC Singapore looks to usher in a “new era of audit,” leveraging a human-led, tech-enabled approach to deliver high-quality audits, according to Marcus Lam, the firm’s executive chairman.

“Protecting the quality and reliability of information in the financial reporting ecosystem is vital, thus we are taking bold steps to build our next generation audit – one that’s people-led, AI-powered, and data-driven,” Mr. Lam said in a statement. “The result is a transformed audit experience that puts continuous quality enhancement at its core.”

To that end, PwC Singapore has been scaling its capabilities in areas like cybersecurity, data analytics, ESG and AI, Mr. Lam said. By combining these solutions with PwC’s established expertise in assurance, tax and other areas, the firm aims to help clients build greater trust with stakeholders.

The Transparency Report outlined several key metrics related to audit quality and talent development. For example, PwC Singapore has maintained 100 percent compliance over the last three years on internal quality reviews. The average assurance training per employee also rose to 133 hours, up from 113 hours in fiscal year 2022.

Additionally, 91 percent of surveyed employees said they feel encouraged to deliver high-quality audits, the report stated.

Choo Eng Beng, PwC Singapore’s assurance leader, said the firm has made talent development essential to upholding quality. This includes digital upskilling, continuous learning and cultivating an inclusive workplace culture.

“We train our people in the PwC audit approach, and equip them with the technical skills and knowledge to provide quality assurance services,” Mr. Choo said. “Meanwhile, prioritizing the wellbeing of our people has helped us create a workplace where our teams feel valued, motivated and driven to achieve shared goals.”

Mr. Choo added that PwC Singapore is “going the extra mile” to bring innovation and a compelling experience to the auditing profession.

“This powerful human-tech synergy will enable us to execute industry-leading audits, and unlock greater audit quality, rich insights and in-depth expertise to our clients,” he said.

The Transparency Report outlines PwC Singapore’s progress on audit quality and talent development indicators over the past fiscal year as the firm aims to transform auditing through its focus on people, technology and continuous improvement.

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