Deloitte Wins 2024 'AI Innovation Initiative of the Year' at the International Accounting Forum and Awards

 Deloitte Omnia Generative artificial intelligence (GenAI) capabilities provide transformative technical solutions that help drive efficiency and augment human intelligence

NEW YORK, Aug. 1, 2024 /PRNewswire/ -- Deloitte Omnia GenAI capabilities have been recognized at the 2024 International Accounting Forum and Awards in London. The suite of Omnia capabilities, which leverage GenAI technology to streamline audit workflows and expedite technical updates, have been awarded "AI Innovation Initiative of the Year," a newly recognized award category. As GenAI technology demonstrates its immense potential to accelerate progress across industries, Deloitte is proud to accept honors for its ongoing work leveraging technology to enhance the audit experience.

Key takeaways

• Deloitte wins the inaugural "AI Innovation Initiative of the Year" award in recognition of its enhanced Omnia GenAI capabilities.
• As an agile, evolving platform, Omnia has embraced GenAI to provide a trailblazing workflow, unlocking new insights while multiplying auditor efficiency.
• By accelerating manual audit processes, Omnia GenAI capabilities empower professionals to focus on more complex tasks requiring industry knowledge and experience.

Omnia GenAI capabilities

Since its unveiling in 2015, Omnia, Deloitte's global cloud-based audit platform, has continually evolved to deliver a high-quality and tailored audit experience for our clients and our people. As an agile, future-looking system, the integration of GenAI was a natural progression in its evolution.

"Our GenAI capabilities are designed to empower our professionals to deliver exceptional audit quality and client service," said Dipti Gulati, chief executive officer, U.S. Audit & Assurance, Deloitte & Touche LLP. "Through our continued investment in our Omnia platform, combined with the knowledge of our professionals, we are committed to innovation for next-generation audits."

Deloitte developed GenAI technology to streamline time consuming but critical audit processes. This includes expediting access to updated auditing content and incorporating updates into audit workflows, significantly enhancing efficiency while providing an enhanced audit experience. These features are designed to empower professionals, boosting productivity and innovation in audit delivery. This technology was also created in alignment with Deloitte's Trustworthy AI™ framework, which requires governance and compliance throughout the AI lifecycle. Embedding this framework helps ensure the technology produces ethical results and serves as a reliable, trustworthy resource for auditors.

"We are proud to be recognized by the International Accounting Bulletin for our AI innovation efforts. Our investment in advanced and ethical technology provides a clear example of the meaningful and novel ways GenAI can transform how we operate, problem-solve and execute against evolving business priorities," said Will Bible, partner, U.S. Audit & Assurance digital transformation and innovation leader, Deloitte & Touche LLP.

By accelerating mechanical, time-consuming workflows, these evolved capabilities allow professionals to focus on providing more timely communication of insights to clients. GenAI technology provides an assistive layer of review and analysis that can reduce time spent by both client teams and auditors.  

"The more we can free our professionals from time consuming, manual processes, the more time they are able to devote to navigating the multifaceted, nuanced intricacies of accounting rules, policies and procedures and providing strategic insights," said Chris Griffin, managing partner, U.S. Audit & Assurance transformation and technology, Deloitte & Touche LLP. "This technology aids in our commitment to delivering high-quality audits to our clients, while helping us deliver in-depth analyses and better response times with the support of GenAI."

These technology initiatives are reflective of Deloitte's larger effort to infuse GenAI across the organization, enhancing productivity and augmenting the skills of its professionals. Among the major milestones accomplished towards this commitment, Deloitte has deployed large language models and chatbots internally to support the specific needs of specialized teams. This includes DARTbot, an internal chatbot developed to enhance the productivity of Deloitte's nearly 18,000 Audit & Assurance professionals. Deloitte is also increasing AI fluency by training more than 120,000 professionals across the organization through the AI Academy, a Deloitte Technology Academy program.

For more information about Omnia please visit our webpage.

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About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world's most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte's approximately 457,000 people worldwide connect for impact at www.deloitte.com.

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SOURCE Deloitte