AI in audit and dealmaking : a guide tailored for PwC Cyprus

Abstract

This report provides an in-depth exploration of the integration of artificial intelligence in audit practices, with a specific focus on PwC Cyprus, the commissioner. The introduction sets the stage by outlining the commissioner’s role and the purpose, as well as the significance of this research. The methodology section elucidates the research question and delineates the research methods employed, alongside the data analysis methods utilised. A comprehensive theoretical framework is presented, delving into the concepts of audit, artificial intelligence, and machine learning, and their interpretation and incorporation in audit contexts.

What is more, key opportunities and risks associated with AI integration are highlighted. The case study of PwC Cyprus aims to understand audit processes after analysing their current technological integration, concerns, and implications. Interview findings provide insights into the perspectives of employees, emphasising their needs and expectations. The dissertation ultimately offers an AI integration strategy and guide, outlining strategies, challenges and practical recommendations on how to successfully incorporate AI into audit engagements to increase operational efficiency.