High-quality audits help to create trust and confidence in the capital markets. The role of auditors is vital in giving shareholders, regulators and the wider community that confidence.
The EY organization aims to bring a passionate commitment to that role, and to audit quality, at all times. From the top down, EY people hold themselves and each other accountable; demonstrate what needs to be done to execute a high-quality audit; understand applicable professional standards; plan the work and are vigilant in assessing progress during the audit; appropriately document the work; and, critically, provide the necessary coaching, supervision and review.
Enablement and quality support is one of the six pillars of the Sustainable Audit Quality (SAQ) program. SAQ relies on the determination to embed critical thinking in EY teams at all stages of the audit process and prioritizes understanding where we are excelling and where there is a need to focus resources.
Across the EY organization, there are systems and structures in place to help analyze audit quality and improve working practices, skill sets and resource levels where necessary. To deliver high quality, it is important to support audit teams, who often work in stressful and demanding environments. It is equally crucial to monitor audit quality and engage in open discussions when challenges arise.
Quality Enablement Leaders
The EY Quality Enablement Leaders (QEL) network is a group of approximately 200 senior Assurance leaders who drive audit quality by providing hands-on support to audit teams. Their responsibilities include: coaching teams; supporting internal and external inspections; evaluating significant audit deficiencies through root cause analysis; looking at resourcing needs for changes in engagement dynamics; and helping provide additional support to audit teams due to changes in demands on engagements.