In this disrupted, connected and fast-paced world, our clients are increasingly turning to us for advice and insights on how to better manage risk, where to seek growth and how to weave digital into their strategy and operations. Like us, they’re focused on driving innovation — not just in products and services, but in business models too. In this transformative age, we must keep asking ourselves, “What’s next?”
For Assurance, advancing technology, tools and skills creates the opportunity to continually innovate, improve effectiveness, enhance perspectives and increase stakeholder confidence.
In Audit, our own transformation and digitalization — through investing more than US$500m in technology in the past few years — has transformed the provision of EY services. EY Canvas is the foundation of our technology, with companies able to receive real-time updates through our Client Portal. Meanwhile, EY Helix allows analytics to be embedded in every significant aspect of the audit. Rather than testing smaller samples, we can now capture, transform and analyze full populations of structured and unstructured data using our Hadoop platform. This helps us to explore both the detail and the bigger picture. EY auditors can now deliver a truly analytics-driven audit. They can identify more easily where to focus their time, and concentrate on auditing rather than the collection of data. With information at their fingertips, auditors’ inquisitiveness and skepticism are enhanced.
This truly digital audit improves audit quality: investors can have more confidence in the financial reporting of EY audit clients; audit committees and management benefit from greater risk insight and new perspectives; and company management and finance teams have time freed up to focus on the most relevant issues. Our skilled auditors, using state-of-the-art technology, are able to bring a new level of insight and perspective to the audit and, in turn, to a company’s business operation.
EY Financial Accounting Advisory Services teams continue to help finance leaders interpret, communicate and shape the strategy around the numbers they report. From advising on complex issues arising from new accounting guidance to improving existing accounting processes, our goal is to help clients find insights that may not be immediately evident. We are not only helping transform the way our clients work, but the way we work. This involves us constantly challenging how we help add value. And with an ever-increasing focus on the environment, health and safety, and sustainability — as well as investor interest in non-financial information — we’ve enhanced EY Climate Change and Sustainability Services to measure value beyond what is captured on the financial statement.
In Tax, we help build a better working world by advising our clients on meeting their tax obligations and resolving tax controversy. In FY18, we helped organizations and individuals across the globe meet their tax obligations by filing over 1 million tax returns with more than 180 tax authorities and regulators. We also foster open dialogue with tax administrators, government officials and other stakeholders about tax issues, the impact of policy decisions, and the contributions that companies and individuals make to society by paying the correct amount of a variety of taxes.
In order to keep pace with a changing tax landscape, EY Tax has introduced services and solutions that it can tailor to meet each client’s needs and address their unique circumstances.
A range of converging factors — increasing tax complexity due to significant legislative changes including US tax reform, implementation of Base Erosion and Profit Shifting regulation, more governmental enforcement of tax laws around the world, a shortage of qualified talent and the proliferation of digital technology in government — is causing companies to rethink the tax department and how to futureproof it for tomorrow. Our clients are demanding better integrated, technology-based solutions to the challenges of their tax operations. For many, that includes closely assessing build or buy in-house models versus outsource and co-source options. The EY Tax and Finance Operate platform of processes, technology and people helps our clients define the right sourcing mix.
EY professionals in Tax Technology and Transformation Services are focused on building the new model for today’s tax function. They’re taking a fundamentally different look at the tax function and what it takes to operate in a hyper-connected global economy. That includes addressing unprecedented strategic and operational challenges, acting on digital tax authorities’ demands for real-time access to data, and responding to rapid innovation in technology.