Transparency Report 2025

Audit quality is our top priority. We understand the enormous trust that is placed in us as independent auditors, and we embrace our responsibility to perform audits that promote trust and confidence in financial reporting and capital markets. As leaders, we set clear expectations for the quality of work our professionals do each day, and we foster a culture of integrity, accountability and continuous improvement based on strong ethics and our shared values of respect, teaming and inclusiveness.

We are continuing to invest in audit quality through Audit transformation with our multi-year $1 billion USD investment in technology and talent- an initiative that is redefining how we perform audits, develop our people, and serve our clients. The three key elements of this transformation include a modern approach, streamlined processes and an AI-powered platform. By embedding standardized risks, guided workflows, and AI-powered tools into our methodology, we are driving greater consistency across engagements, elevating audit quality, and enriching the overall audit experience.

Our auditors approach their work with a continuous improvement mindset, which we call the EY Way, which moves us forward as we continue to innovate and perform work earlier in the audit, while providing a distinctive experience for our clients and our people. We are leveraging the skills and experience of our people and technology to perform a streamlined, risk-based audit and provide timely sector insights. We recognize the need to constantly evolve to address the dynamic risks faced by the companies that we audit, and we continue to engage with stakeholders to address topics such as technology transformation, the evolving fraud landscape, cybersecurity, sustainability and other technology-related matters to shape the audit of the future.

We embrace the transparency objectives of the European Union’s Regulation 537/2014 (the Regulation), which requires Canadian statutory auditors of public interest entities (PIEs) to publish annual transparency reports. The EY Canada Transparency Report 2025 complies with the Regulation and covers the fiscal year ended 27 June 2025, as well as any more recent relevant events.

This report discusses our compliance with the requirements of International Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance or Related Services Engagements. The standard requires audit firms to design, implement and monitor a system of quality management and to annually evaluate that system. Based on our latest evaluation, we concluded that as of 30 June 2025, our System of Quality Management provides reasonable assurance that the system’s objectives are being achieved. You can find more details on this in the System of Quality Management section of this report.

This report is intended to be read in conjunction with EY Canada’s annual audit quality report, which can be found here. EY Canada publishes an audit quality report voluntarily to provide more information about how we manage our Canadian audit practice, support our people, and take actions to improve audit quality and maintain our independence.

We encourage all EY stakeholders - including clients and their investors, audit committee members and regulators - to continue to engage with us on our strategy as well as any of the matters covered in this report.