Quality is at the foundation of everything the EY organization does.
The execution of high-quality audits by EY teams underpins the financial and nonfinancial information issued by companies that EY audits. This high-quality information instills trust in these entities, which, in turn, drives confidence in the capital markets and best serves the public interest.
Investors are not the only stakeholders who depend on high-quality auditing and financial reporting. Employees, retirees, suppliers and lenders, among others, rely on high-quality audits to make important decisions. These decisions involve who to work for, whether vendors will be paid on time and the safety of investments. In a dynamic world and ever-changing business landscape, the EY organization must continuously evolve to deliver high-quality audits and respond to the new, emerging risks.
The EY organization is committed to continuous improvement and providing an environment in which auditors can thrive. This includes recruiting, developing and retaining talented people and nurturing their careers, embracing innovation, encouraging simplification, and critically evaluating the work of audit teams to identify areas for improvement. The aim is to exceed regulatory benchmarks and produce audits of high quality.
The EY organization has put in place processes and policies to identify, understand and mitigate risks to audit quality, and to drive continuous improvement in the audit. These include robust global independence policies, practices and systems, mandatory audit partner rotation to help reinforce auditor independence, and rigorous risk assessments before EY member firms accept initial audit engagements, and then again annually before each audit engagement period.