2 minute read 23 Sep 2020
Asian man using a tablet in an office

How transparent objective reporting brings value during disruption

By Anthony Sgammato

EY Americas Private Assurance Leader

Assurance partner focused on growth and bringing value to companies to help them achieve their ambitions. Enjoys outdoor activities with family. An avid football and baseball fan.

2 minute read 23 Sep 2020

A data-first digital audit can provide businesses with greater insights to help them plan for and navigate a post-pandemic economy.

In brief
  • A data-first digital audit can offer transparency and helps to build trust.
  • A data-rich audit can help leaders provide insight to the board and management team as they make key decisions and navigate risk.
  • Leaders that have a clear overview of their organization can make better decisions, navigate recovery and prepare for new challenges ahead.

In the blink of an eye we were hit with the greatest global disruption in decades. Business models and functions were instantly upended. Supply chain links came undone. Cash flow was slowed or halted and access to capital became limited. Private businesses scrambled to assess the impact of COVID-19 pandemic on all their functions and financials. In this uncertain economy, private business leaders, now more than ever saw the importance of delivering trusted financial statements to their board and other stakeholders.

In this environment, private businesses that are already operating in a data-rich environment are better positioned to build trust with stakeholders and benefit from the oversight of their board. First, management is able to access critical financial and operational information from across the organization – even when working remotely. Second, because of the richness of the analysis, both the ten-thousand-foot view and detail, the data provides insights to the board and management team as they make key decisions and navigate risk.

Since the shut-down in March, EY audit teams have executed a data-first, digital audit for hundreds of private companies. The value of the data-first audit lies in both the execution of a high-quality audit, and the delivery of an effective process for data capture and analytics, reliable and real-time analysis, and insights into business processes.

"Businesses that embrace technology in their business practices can gain even deeper insights into their financials with a data-first digital audit," says Randall Tavierne, EY Private Global Assurance Leader, in his article How digital audit can enhance private business board oversight functions. "By connecting technology-driven client information with automated processes, the audit team can focus on more important areas so they can identify potential risks and advise how to address them."

With the markets and economy in such a state of flux, private business leaders are faced with tough decisions every day.  Having a consolidated view of the business, and the benefit of objective and independent data-driven audit insights can serve as a valuable jumping off point.  Leaders that have a consolidated view into their organization are best positioned to navigate recovery and prepare for new challenges that may arise in the future. A data-first digital audit offers transparency and helps to build trust as we look to the opportunity of a post-pandemic world.

For a deeper look at the value  a data-first digital audit brings to your private business, read How digital audit can enhance private business board oversight functions.

Summary

A digital audit can provide private businesses with the data to help them plan for recovery and better prepare for unknown challenges that may occur in the future.

About this article

By Anthony Sgammato

EY Americas Private Assurance Leader

Assurance partner focused on growth and bringing value to companies to help them achieve their ambitions. Enjoys outdoor activities with family. An avid football and baseball fan.