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.
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The global EY organization is committed to serving the public interest through high-quality audits that are executed with independence, integrity and objectivity, and which involve professional skepticism, compliance with professional standards and due professional care. EY leaders thoroughly evaluate audit inspection results to identify areas where quality can be improved.
More than 150 audit regulators conduct inspections of audit engagements across EY member firms. Together with internal inspections, external inspections provide valuable insights into the quality of EY audits.
Many geographies continue to experience strong external inspection results. However, following an increase in inspection findings experienced by certain member firms, there was an increase in International Forum of Independent Audit Regulators (IFIAR) deficiency rates. The global EY IFIAR survey rate, which represents the number of engagements with at least one significant finding divided by the number of engagements inspected, rose to 28% in 2023 from 20% in 2022. In the same timeframe, the global EY all IFIAR public interest entity (PIE) deficiency rate decreased from 26% to 23% and the global EY all-in deficiency rate decreased from 18% to 13%.
In particular, the increase in the global EY IFIAR deficiency rate for 2023 is a result of a few, albeit material, jurisdictions.