EY has announced an investment of more than $1 billion in a next-generation technology platform for audit and other assurance services. The move is part of the firm’s continued focus on providing high-quality audit services and responding rapidly to the changing expectations of regulators, governments, standard-setting bodies, audit committees and boards of directors. The four-year investment is triggered by a wider $2.5 billion program announced by EY in September 2021.
This investment will support the integration of existing EY Assurance technologies into a seamless platform that combines the strengths of the firm’s leading global audit platforms and leverages advanced technologies from EY partners to power a new generation of audit and other assurance services, based on data analysis.
The program to create an integrated technology platform for audit and other assurance services facilitates transformation in three key areas: (1) data access capabilities and advanced data analytics, (2) artificial intelligence, and (3) user experience.
The technology integration and transformation of audit and other assurance services will build on the strong foundation of EY Assurance’s existing suite of leading audit technologies, including EY Canvas – EY’s current cloud-based global audit platform. This platform, one of the largest business-to-business (B2B) platforms in the industry, is accessible to more than 350,000 EY client executives and 120,000 EY people.
The investment program will also leverage EY’s global suite of data analytics tools, EY Helix, and EY’s global audit methodology. EY teams use these data analysis tools (“EY Helix global data analyzers”) to process more than 680 billion lines of corporate financial data each year, supporting a transformation process that will enable the EY organization to analyze more financial and non-financial data, leveraging new statistical and predictive data analysis processes.
These enhanced capabilities and consistently applied methods globally aim to facilitate advanced risk identification and response and support preparation for the complex needs of expanding assurance services, while helping businesses build further confidence in the capital markets.
Commenting on this investment, Mr Andreas HatzidamianouHead of Audit and Assurance Services at EY Greece, said: “This major investment leverages the work and expertise developed by EY’s audit teams around the world. It meets the growing expectations and demands of audit committees and financial services of businesses worldwide, but also in Greece, which now extend to non-financial reporting. At the same time, it promises to further upgrade the user experience and strengthen the trust of all interested parties”.
I am Derek Black, an author of World Stock Market. I have a degree in creative writing and journalism from the University of Central Florida. I have a passion for writing and informing the public. I strive to be accurate and fair in my reporting, and to provide a voice for those who may not otherwise be heard.