Assurance is the backbone of our organization. It is the largest service offering today – in terms of both revenue and people – and it will remain the largest service offering well into the future. The role of EY auditors is to serve the public interest and provide confidence to the capital markets by providing high-quality audits. The Sustainable Audit Quality (SAQ) program is our commitment to conducting globally consistent, high-quality audits sustained over time.
SAQ demonstrates our determination to keep audit quality as our primary focus. It is the single most important factor in our decision-making, and the key measure on which our professional reputation stands. Read our SAQ document (pdf) to find out more. We are strong believers in the multidisciplinary model – the skills and knowledge of EY people in other service lines provide the breadth and depth of technical skills and industry experience necessary to deliver high-quality, complex audits. It also gives us the scale and resources to invest in cutting-edge technologies that are reshaping the way information is gathered and analyzed.
In 2015, the International Forum of Independent Audit Regulators (IFIAR) issued a challenge to the global audit networks, calling on them to achieve a 25% reduction in ‘deficient audits’ – audits with at least one significant inspection finding – by 2019 for listed public interest entities. EY achieved this goal in 2019.
Internal inspections are also performed on engagements each year. EY leadership conducts the annual Audit Quality Review (AQR) program as an important element of assessing the system of quality control at the member firm, regional and global levels. The results of the AQR process are summarized globally (including for Areas and Regions), along with any key areas where the results tell us that continued improvements are required. Below are our results.