Press release
15 May 2024  | London, GB

EY Assurance releases new technology capabilities, strengthening confidence and trust

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  • EY Assurance launches more than 25 new capabilities, including embedded AI technologies
  • Release of a global Artificial Intelligence Assurance framework to EY professionals
  • The organization also plans to align approximately 9,000 Technology Risk professionals to EY Assurance

Today the EY organization has announced new technology capabilities and a global Artificial Intelligence (AI) Assurance framework for EY professionals as part of a multi-year, technology driven audit transformation program which is supported by plans to align approximately 9,000 Technology Risk professionals to the Assurance service line.

This announcement strengthens EY Assurance capabilities, aims to elevate audit quality, and deepens assurance insights around businesses’ finance, sustainability and technology risk agendas, helping empower decision-makers in navigating a rapidly evolving and increasingly complex business environment.

The updates include the release of more than 25 new EY Assurance technology capabilities announced at the EY annual Global Assurance Technology Keynote conference in Washington DC. This event, attended by EY clients, alliance partners and leading technologists, previews new releases and key pilots of technology capabilities as part of the EY organization’s previously announced multi-year investment of more than $1b into a next-generation Assurance technology platform.

Through the multi-year investment program, the EY organization is integrating technology capabilities into one seamless platform and helping drive transformation through the next generation of data access capabilities and advanced analytics, AI, and an elevated user experience. The new technology releases announced by the EY organization supports the supply of EY Audit and other Assurance services, including Financial Accounting Advisory Services, Climate Change and Sustainability Services, Forensic & Integrity Services and Technology Risk Services.

The latest EY Assurance technology releases include the launch of additional AI-powered capabilities, such as supporting EY teams with financial statement tie-out procedures globally. The EY organization has also introduced pilots of generative AI (GenAI) technologies – driving toward the integration of the award winning EY.ai.EYQ ecosystem of GenAI capabilities with the organization’s next-generation Assurance technology platform. These capabilities leverage GenAI technologies to search and summarize technical auditing and accounting content and facilitate recommendations for financial statement disclosure checklists. This supports auditors in both speed and quality, allowing them to focus on tasks which are more complex and require deep judgment.

Organizations and teams, including EY Assurance professionals, require robust guidance to address the impacts of emerging technologies through appropriate governance, strengthened risk management and an appropriate response to the regulatory and compliance agenda.

In line with evolving audit and assurance standards and guidelines, the EY organization has also released a global AI Assurance framework to all EY Assurance professionals that considers the impact of AI used in companies. This includes how AI is applied in financial reporting processes and considers the related risk management frameworks and controls that organizations implement. The framework has been rolled out to more than 130,000 EY Assurance professionals.

The release of this framework sits alongside the organization’s development of new AI related services. These include the design, testing and initial deployment of AI related services, such as addressing the robustness of underlying data models. This supports companies to build confidence in their acquisition, development, implementation and use of emerging technologies.

As businesses continue to digitize, advanced and emerging technologies are leading to new risks and opportunities. Quality audits and other assurance services increasingly rely on specialized technology skills to support companies with building confidence in their technology.

To support this demand, EY plans to align approximately 9,000 EY Technology Risk professionals to EY Assurance. This strengthens the EY organization’s commitment to audit quality and increases the service portfolio with the involvement of specialist IT skills within a strong multidisciplinary practice.

Today’s updates continue to upskill and transform the EY Assurance workforce and support deepened insights around businesses’ finance, accounting, sustainability and technology risk agendas.

Collectively, these advancements strengthen EY teams’ capabilities and supports audit quality to enhance EY services as part a multi-year audit transformation journey.

Marc Jeschonneck, EY Global Assurance Digital Leader, says:

“Strengthening confidence in technology is an imperative for organizations that grow and evolve through an increasingly digital ecosystem. EY investments in people and technology are promoting quality and facilitating an exceptional experience through Assurance services.”

James Martin, EY Technology Risk Leader, says:

“Today’s aligning of Technology Risk into EY Assurance services strengthens EY teams’ capabilities and elevates audit quality, with approximately 9,000 EY IT professionals planned to support organizations in identifying, assessing and mitigating risk arising from the use of technology.”

Paul Goodhew, EY Global Assurance Innovation & Emerging Technology Leader, says:

“The impact of AI is creating new risks and opportunities for organizations. EY teams are increasingly leveraging the potential of this technology to support the provision of Assurance services and utilizing that experience with EY clients to provide confidence in their responsible use of this emerging technology.”

-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 EYGM Limited, a member of the global EY organization that also does not provide any services to clients.

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