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    EY: Investment of 1 billion euros on a new generation emeastartups

    EY has announced an investment of more than 1 billion euros on a next-generation technology platform for audit and other assurance agencies

    EY: Investment of 1 billion euros on a new generation technology platform

    EY: Investment of 1 billion euros on a new generation technology platform The four-year investment is triggered by a wider 2.5 billion euros programme announced by EY in September 2021

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    By EMEAstartups Last Updated Jul 25, 2022

    ShareEY has announced an investment of more than 1 billion euros on a next-generation technology platform for audit and other assurance agencies. This move is part of the company’s ongoing focus on providing high-quality audit services and rapidly responding to the changing expectations of regulators, governments, standard-setting bodies, audit committees and boards.The four-year investment is triggered by a wider 2.5 billion euros programme announced by EY in September 2021.

    This investment will support the integration of existing EY Assurance technologies into a seamless platform that combines the benefits of the company’s leading global audit platforms and leverages advanced technologies from EY partners to power a new generation of audit and other services and other assurance services, based on data analysis. The programme for the establishment of an integrated technology platform for audit and other assurance services facilitates the transformation in three main areas: (1) data access capabilities and advanced data analytics, (2) artificial intelligence and (3) user experience.

    The integration and transformation of audit and other assurance services technology will build on the strong foundations of EY Assurance’s existing leading range of auditing technologies, including EY Canvas – of EY’s current global technology-based audit platform.

    This platform, one of the largest business-to-business (B2B) platforms in the industry, is accessible to more than 350,000 EY customer executives and 120,000 EY people.

    The investment programme will also build on EY’s global set of data analytics tools, EY Helix, and EY’s global audit methodology. The teams of the EY use these data analysis tools (“EY Helix global data analyzers“), to process more than 680 billion corporate finance lines data every year, supporting a transformation process that will allow the EY organization to analyze more financial and non-financial data, utilizing new statistical and predictive data analysis processes.

    These improved capabilities and consistently applied methods worldwide aim to facilitate advanced risk identification and response, and support preparation for the complex needs of expanding assurance services, while helping businesses build further trust in Capital markets.

    “This large investment comes to build on the work and know-how developed by EY audit teams around the world. It responds to the growing expectations and demands of the audit committees and financial services of companies worldwide, but also in Greece, which now extend to non-financial reports.At the same time, it promises to further upgrade the user experience and strengthen the trust of all stakeholders,” said Mr. Andreas Hadjidamianos, Head of Assurance Services of EY Greece.

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    How can a high

    The importance of quality has never been higher and continues to be the priority for EY teams through the Sustainable Audit Quality program. Learn more.

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    By Marie-Laure Delarue

    9 minute read 1 Dec 2021 Related topics

    Assurance Audit Audit quality Private Client Audit Experience Climate change and sustainability

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    Show resources

    EY Global Audit Quality Report 2021 (pdf)

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    The importance of quality has never been higher and continues to be the priority for EY teams through the Sustainable Audit Quality program.

    In brief

    Delivering high-quality audits has become even more important as the COVID-19 pandemic has affected economies across the globe.

    The investments made by the EY organization under its Sustainable Audit Quality (SAQ) program have instilled a mindset of continuous improvement.

    SAQ is underpinned by four themes of talent, data, value and trust, which each lead to higher quality.

    M

    y number one goal as EY Global Vice Chair of Assurance is to continue to improve audit quality. I am not willing to compromise on quality, and I believe that “just good enough” is not good enough.

    High-quality audits improve stakeholder trust in businesses. This, in turn, drives investment and economic growth, and generates long-term value for society overall.

    The delivery of high-quality audits has become even more important as the health and financial impacts of the COVID-19 pandemic have affected economies across the globe. It is vital in uncertain times for companies, investors and the wider public to have confidence in the quality of the audits that support the capital markets.

    I am not willing to compromise on quality, and I believe that 'just good enough' is not good enough.

    Marie-Laure Delarue

    EY Global Vice Chair, Assurance

    In this challenging period, EY teams have continued to deliver high-quality audits, helping to serve the public interest and strengthen trust and confidence. Great progress has been made through the EY SAQ program, which has contributed to enhancements in the EY audit execution.

    SAQ is the globally consistent EY approach to high-quality audits. It focuses on key initiatives across six pillars.

    There have been many achievements as a result of SAQ, and these are discussed in full in the EY Global Audit Quality Report 2021. The report examines four themes that summarize my priorities – talent, data, value and trust – and lead to higher quality.

    Value and trust speak to the “why” of an audit, while talent and data speak to the “how.” I am a firm believer that EY teams can make further progress on quality by continuing to attract and develop talented individuals, demonstrating the value and trust that auditors bring, and adopting data and emerging technology in the audit.

    A high-quality audit adds value across a company’s operations and provides trust to a range of stakeholders, including governments, regulators, standard-setters, investors, company management teams and boards and audit committees.

    Technology and talent

    SAQ has embraced many new advances in technology, including the EY Digital Audit, the EY Digital Global Audit Methodology (GAM), the EY Canvas Client Portal, the EY Blockchain Analyzer and AI-based EY Document Intelligence.

    The EY Digital Audit has set the standard for the data-driven approach to an audit. Fundamental to this is the EY Canvas global online audit platform, which was used on more than 145,000 engagements in 2020, and now connects 120,000 EY people to more than 350,000 company users through the EY Canvas Client Portal. Meanwhile, the EY Helix anaytics platform analyzes more than 600 billion lines of financial data each year and was used on 57,000 engagements in 2020.

    Technology is a vital part of SAQ, but it is EY people who are core to the progress that has been made. During the COVID-19 pandemic, EY people have displayed their resilience, commitment and professionalism. I am extremely proud of their achievements, and the report includes some personal stories to demonstrate how individual auditors can make a difference.

    These include Allan Douglas, the first Assurance recipient of the Hult International Tech MBA (see panel below), which is an online qualification available to all EY people.

    Elated to be an EY pioneer

    High audit quality is the primary focus of more than 87,000 EY audit professionals across the globe. These range from partners to assistants and also include colleagues from a network of service delivery centers (Global Delivery Services).

    The EY network recognizes the need to recruit from as wide a range of talents as possible, a commitment that creates a whole that is larger than the sum of its parts. Professionals from a range of disciplines are already involved in the audit, and this multidisciplinary model will only grow in importance. Increasingly, professionals will be needed who have diversified knowledge of areas such as data, AI, blockchain, environmental risk, cyber threats, fraud, tax and valuations.

    Diverse perspectives

    The EY network has long been a leader in diversity, including diversity of thought. A concerted effort has been made to build strong, diverse and inclusive teams – something that is especially important in audit, where qualities such as professional skepticism, challenge and critical thinking form the bedrock. Creating diverse teams fosters an inclusive work environment and helps to develop more relevant insights.

    स्रोत : www.ey.com

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