Press release

31 Oct. 2022

EY continues to lead market in audit quality

Ernst & Young Australia (EY Australia) has announced the results from ASIC’s inspections of EY audits for FY22.

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EY Oceania

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Related topics Audit

The percentage of areas where it was found that EY did not obtain reasonable assurance that financial reports were free of mis-statement is 15 per cent in 2022, reflecting our continued investment in sustainable audit quality improvement initiatives.

Glenn Carmody, EY Oceania Assurance Leader said:

“We are very pleased with the recently announced results from ASIC’s inspections of EY audits for FY22, demonstrating our sustained market leadership in audit quality in recent years. 

“This has been a remarkable achievement and we are extremely grateful for the hard-work and resilience of our audit teams given the severe resource constraints impacting the Australian audit industry, particularly as during the period reviewed the firm was in lockdown.  I would also like to sincerely thank our clients who prioritised and supported the audit despite their own resource constraints during this period.”

Our people are proud of the important role they play in providing trust to the capital markets.  

EY CEO and Managing Partner, David Larocca said:

“The last few years have been a very challenging period for auditors and we are delighted for our teams that their dedication to quality, despite these challenges, has been reflected in these results from ASIC.

“Our partners and senior leaders are held accountable for quality and it is the most important component we use when evaluating partner performance.

“The importance of quality audits to the successful operation of capital markets cannot be understated, particularly as the uncertainty in world economies continues.”

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Key Contacts:

Melanie Kent

EY Media Relations 

+61 407 052 670