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EY has announced a four-year investment of over $1bn (£811.67m) in an assurance technology platform, forming part of the firm’s focus on responding to changing expectations from regulators, governments, standard setters, audit committees and boards.
The investment is enabled by a wider $2.5bn (£2.02bn) programme, announced by the EY last year, and it will support the integration of existing EY Assurance technologies into one “seamless” platform.
The integration will leverage the foundations of EY Assurance’s existing audit technology suite, including EY Canvas – the firm’s cloud based global audit platform. It will also leverage “advanced” technologies from EY alliance partners to power new data-driven assurance services.
EY said that building an integrated assurance technology platform facilitates transformation in three major areas: data access capabilities and advanced analytics, artificial intelligence, and the user experience.
The investment will also capitalise on the suite of EY Helix global data analysers and global audit methodology, supporting a transformation that will reportedly allow EY to analyse more financial and non-financial data, and leverage new statistical and predictive analytics.
EY said these enhanced capabilities and globally consistent methods aim to facilitate advanced risk identification and mitigation, help prepare for the complex needs of expanding assurance services, and help businesses to build further trust across the capital markets.
Marie-Laure Delarue, global vice chair of EY Assurance, said: “Advances in technology, and teaming across the EY organisation will take audit quality, the scope of assurance services, and the experience for EY clients and people to the next level. I am proud that EY teams are helping companies pursue sustainable long-term value.”
Marc Jeschonneck, EY Global Assurance digital leader, added: “This investment supports the delivery of data-driven audits and other assurance services, and ultimately provides a new level of capabilities to significantly improve the user experience.
“This transformation responds to the audit committee and finance leaders’ expectations that now encompass not just audit and accounting, but also the broader reporting landscape including sustainability.”
