More than a transformation in technology, this is also a transformation in how auditors do their work. It improves connectivity, uses automation to help increase time spent focusing on areas requiring judgment, and helps to improve analysis and insight.
A digitized audit from end to end
The EY Digital Audit focuses on four central components:
- Connecting teams and companies
- Automating audit processes and procedures
- Analyzing data, including with emerging technologies
- Driving value through the digital client experience
EY Canvas, the organization’s global audit platform, is the core of its auditor technology. Now in its fifth annual audit cycle, it drives high-quality audits, enabling EY teams to help deliver:
- A seamless audit across the globe, carried out by teams linked through one global methodology and one global audit platform
- Better risk identification and response, allowing findings to be reported promptly
- Centralized planning and monitoring of the audit across the globe, providing enhanced capability to the primary team
- Quick customization of the audit approach to make relevant changes across all geographies and to be responsive to the ever-evolving regulatory environment
- Real-time monitoring of the audit that can capture, flag and share global audit findings as they arise
- Streamlined client communications via its integrated online portal
- Improved project management and ability to monitor key milestones in the audit
EY Canvas has a number of specific features whose functionality contributes to high-quality audits. EY Canvas Client Portal connects client users directly to audit teams and is the gateway to provide audit support information. It has been developed to help audited companies securely provide supporting audit evidence, thus reducing their administrative burden in supporting the audit and eliminating duplication and inefficiencies.
EY Canvas Mobile Application Suite is a set of three mobile applications that integrate directly with EY Canvas to streamline and enhance EY auditors’ digital experiences and drive audit quality. EY Canvas Engage helps teams view documents and sign off on audit evidence associated with tasks directly via a mobile device; EY Canvas Inventory allows them to record inventory counts through the app and upload them to EY Canvas immediately; and EY Canvas Pulse provides real-time updates both for audit teams and audited organizations into audit engagement status, timelines and team performance.