EY has maintained its focus on providing high-quality audits and rapidly adapting to the shifting expectations of regulators, governments, standard setters, audit committees, and boards.
According to Ernst & Young, based on the Crunchbase data, In the U.S Venture funding raises $64 billion in the first quarter. This is the highest single quarter amount raised in 2020 which is equal to 43% of venture money.
the company EY announced that it will invest more than $1b in an assurance technology platform for the next generation. A larger initiative of $2.5b that the EY organization launched in September of 2021 will invest over a period of four years possible as per
The investment will support the integration of existing EY Assurance technologies into a single, seamless platform that combines the strengths of the organization’s leading-class global audit platforms and leverages advanced technologies from EY alliance partners to power a new generation of data-driven assurance services. This will be accomplished by combining the strengths of the organization’s global audit platforms.
The effort to establish an integrated assurance technology platform enables change in three important facets: the user experience, artificial intelligence, data access capabilities, and advanced analytics.
Marie-Laure Delarue, EY Global Vice Chair – Assurance, says:
Audit quality, the scope of assurance services, and the experience for EY customers and people will all be taken to the next level as a result of advancements in technology, which will also foster greater teamwork throughout the EY organization. I am delighted that teams from EY are assisting organizations in their pursuit of sustainable long-term value and, ultimately, winning even more trust among their stakeholders.
The integration and transformation of the assurance technology will use the strong foundations of EY Assurance’s existing leading-class audit technology suite. This suite includes EY Canvas, which is the current EY cloud-based global audit platform. Over 350,000 clients of EY and 120,000 employees of EY are logged in to use this platform, making it one of the largest business-to-business (B2B) platforms in the industry.
The investment program will also make use of the array of global data analyzers and global audit methodology that is provided by EY Helix. To support a transformation that will enable the EY organization to analyze more financial and non-financial data, utilizing new statistical and predictive analytics, EY teams use these analyzers to process over 680 billion lines of company financial data each year. This helps the EY organization prepare for the future.
These improved capabilities and internationally standardized techniques are intended to promote advanced risk detection and mitigation, assist in preparing for the complex demands of increasing assurance services, and assist companies in building additional confidence throughout the capital markets.
This investment enables the execution of data-driven audits and other assurance services, and eventually delivers a new level of capabilities to greatly improve the user experience, according to Marc Jeschonneck, the Global Assurance Digital Leader at EY. This transition is a response to the expectations of the audit committee and the leaders of the finance department, which now include not just auditing and accounting but also a more comprehensive reporting landscape, which includes sustainability.
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About EY was founded with the mission of making the world of work a better place by assisting clients, individuals, and society in the creation of long-term value and by fostering confidence in the financial markets.
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