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Above all else, we serve the public interest by executing high-quality audits with independence, objectivity and professional skepticism.
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Integrity and independence
Our EY values, supported by our Digital Global Audit Methodology and processes, guide EY teams in executing high-quality audits. We leverage data and our global technology platform to enhance our risk assessments and to execute our audit procedures.
The result is an independent audit opinion that builds trust and confidence in financial reporting while also delivering an objective perspective on a company’s finances and operations that is grounded in data and a deep understanding of the organization.
The EY audit approach
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Increasingly, audit committee members and other board directors are tasked with oversight for nonfinancial matters on relevant boardroom topics, such as environmental, social and governance (ESG) and cybersecurity risk. Their scope of responsibility can extend to nonfinancial reporting or IT controls as the organization goes through major technology transformations.
We can assist companies with a range of permissible services focused on assurance, assessment, compliance, reporting and more. These cover critical topics, such as:
Investors, regulators and — more broadly — society are increasingly seeking greater transparency around nonfinancial performance, including ESG matters. In response, businesses are broadening the scope of their reporting and seeking new ways of communicating nonfinancial performance. We can assist clients with ESG reporting, risk assessment, and data analysis and collection.
As audit committees and board directors take on increased governance responsibilities for cybersecurity, EY teams can help identify the ways in which cybersecurity risk can impact audit processes, including financial reporting, processes and controls. A cyber incident can have a major impact on a brand, customer loyalty and economic performance.
As clients continue to invest in technology, it is essential to fully understand IT process risks and to proactively identify potential internal control gaps prior to a system go-live, providing greater trust and confidence in the new system. This is where an ounce of prevention is worth more than a pound of cure.
Insurance is the financial vehicle allowing clients to restore their businesses and recover what was lost following catastrophic events. EY Insurance & Federal Claims Services (IFCS) professionals regularly work with brokers, adjusters and other third parties during the claims preparation process. We speak both the financial language of our clients and the insurance language of their insurance companies, facilitating efficient resolutions.
The pandemic elevated the risk of fraud in part because individuals may have been more motivated to act improperly. In these circumstances, they may feel greater personal pressure or be presented with more opportunities to act unethically and find it easier to rationalize their actions. In addition, in response to evolving expectations of shareholders and other stakeholders, audit committees’ roles increasingly have expanded to include oversight of nonfinancial risks, such as ethics and culture, and breakdown in corporate governance.
We offer three relevant fraud services in the US:
A document authenticity assessment tests the integrity of key documents, as well as demonstrates professional skepticism and responsiveness to changes in the working environment.
The EY Journal Entry Fraud Risk Analyzer (JEFRA) provides comfort to clients that have business units and subsidiaries in multiple geographies and complex structures, allowing the audit committee to implement independent testing on devolved finance functions.
A whistle-blower program maturity assessment assists an organization to improve its existing whistle-blowing policy and procedures or to comply with applicable whistle-blowing legislation.
Government legislation (e.g., CARES Act) has created an unprecedented level of new IRS and state reporting requirements resulting in increased reporting burdens on our clients. Through our collective focus on innovation with data, process and enabling technologies, we can help address our clients’ compliance efficiently. We deliver tax compliance services using a proven methodology that has been developed and used by EY teams around the globe for more than a decade.
To the Point - SEC adopts disclosure requirements for cybersecurity incidents and risk management and governance
The rules are intended to enhance and standardize registrants’ disclosures
related to cybersecurity risk management, strategy and governance.
Audit experience — designed for private
Scaled to meet the unique needs and requirements of private companies, our teams have bespoke services and offerings to support private businesses at every stage of their evolution.