EY continues to lead market in audit quality

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.”

- ends -

About EY

EY exists to build a better working world, helping create long-term value for clients, people and society and build trust in the capital markets.

Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.

Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit ey.com.

This news release has been issued by Ernst & Young Australia, a member firm of Ernst & Young Global Limited.

Liability limited by a scheme approved under Professional Standards Legislation. 

Key Contacts:

Melanie Kent

EY Media Relations 

+61 407 052 670 
Melanie.kent@au.ey.com