EY Australia Transparency Report 2021

We believe that how we advance sustainable audit quality, manage risk and maintain our independence as auditors should be transparent to our stakeholders. We value regular dialogue, and the 2021 Transparency report of Ernst & Young (EY Australia) is one of the ways in which we advise our stakeholders on what we are doing in each of these areas.

Wellbeing of our people and our ability to conduct high quality audits became paramount this year as the need for trust and confidence in financial reporting in our capital markets has never been greater. The insights and quality services we deliver to build trust and confidence in the capital markets and in economies around the world is an important part of this ethos.

EY Australia recognises the contribution of its audit professionals who continued to deliver high quality audits and meet stakeholders’ expectations in this most challenging year due to continuing challenges of COVID-19. The continued improvement in our internal and external inspection results is a testament to our people’s commitment to delivering high quality audits and building the most trusted Assurance practice.

We actively participated in the Parliamentary Joint Committee on Corporations and Financial Services (the Committee) Inquiry into Regulation of Auditing in Australia. We are pleased that most of the recommendations made by us, through our submissions to the Committee and participation in the public hearings, have been adopted and reflected in the final recommendations of the committee in December 2020. This report also covers measures taken by EY Australia to early adopt some of these recommendations, as part of our commitment to building a better working world.