Digital audit is raising the bar in the audit industry, with greater emphasis on risk identification and business insight.
Auditors increasingly use data analytics and other digital solutions to reinforce and even replace traditional auditing methods. At EY, every audit involves data analytics. In fact, Digital Audit is becoming our only methodology. The result: more precise risk analysis, improved insights and thus higher quality.
As companies’ digitization generates more and more data, the role of the audit professional is required to evolve. This growing volume of information needs to be used effectively to deliver high-quality audits and allow auditors to put greater emphasis on risk identification and business insight. The sheer volume and untapped potential of data generated by new technologies drives the need for the ongoing digitization of the audit.
Connected data-driven audit
For EY, a connected data-driven audit is the only way to proceed and we see it is raising the bar already in the audit industry. Like with the 20th century special effects in the movie Jaws that do not hold up to today’s standards, so too are traditional auditing methods falling out of use quickly and surely. Clients now expect state-of-the-art audit solutions.
EY invested significantly in a digital audit by centralizing, standardizing and automating procedures. Empowered by our EY Canvas platform, every EY auditor in the world now uses the same analytics solutions and is intensively trained to interpret the outcome of these analyses.
The EY Digital Audit is a worldwide audit methodology embedded in the International Standards of Auditing (ISA). The worldwide connectivity enhances transparency and a smooth communication. For example, whenever we observe a particular risk for a client, we modify our auditing strategy and procedures, if necessary, and immediately forward these changes to all local teams.