Ernst & Young LLP spotlights investment to drive quality in 2022 US Audit Quality Report

In its latest audit quality report, Ernst & Young LLP (EY US or the Firm), highlights its unwavering commitment to performing high-quality audits and serving the public interest.

Our commitment to audit quality describes the Firm’s efforts to drive audit quality by investing in its people, technology and processes, while fostering a culture of integrity based on strong ethics and shared values of respect, teaming and inclusiveness. The 2022 report also illustrates how using a data-first mindset is helping EY US teams identify key risks and maximize the use of data. It also discusses actions the Firm has taken to drive greater consistency in audit execution.

Julie Boland, EY US Chair and Managing Partner, and EY Americas Area Managing Partner, says:

“Our focus is on continuous improvement in all that we do. Whether we are using leading-edge technology to analyze data or working to attract and develop the next generation of auditors, everything we do is intended to advance audit quality.”

A data-first mindset

Using data-driven audit technology, such as the Firm’s robust library of EY Helix data analyzers, helps EY US audit teams perform risk assessments, identify anomalies and obtain audit evidence. This enables them to see the big picture and focus on the key risks in the audit, including potential fraud.

These tools help teams ask better, more timely questions of management, improving the experience for EY professionals and management at the companies the Firm audits. In some cases, management gains new insights into the company’s processes or operations based on information that EY professionals share with them.

To stay at the forefront of innovation, the EY global organization has committed to investing US$1 billion over the next four years on assurance technology. The integration and transformation of assurance technology will leverage the strong foundation in the Firm’s current audit technology suite, including EY Canvas, our cloud-based global audit platform.

John King, EY Americas Vice Chair – Assurance says:

“We understand the enormous trust that is placed in us and recognize that each of our audit professionals plays an important role in earning that trust. To help accomplish this, we continue to invest in our system of quality control and digital innovation, while empowering our people to deepen their skills and grow their careers.”

Investing in EY people and the next generation of auditors

The report outlines the Firm’s dedication to retaining and supporting its people by strengthening its culture and maintaining an environment where EY professionals can do their best work. While EY continues to have a hybrid model of remote and in-person work, the Firm is focusing on helping audit teams maximize their in-person time by prioritizing activities such as engaging at key moments with management of a company the Firm audits or gathering to review key steps in the audit and participate in training.

The EY organization is also committed to advancing the future of the profession by helping to generate interest among high school and college students. Among the programs highlighted in the report is the EY Career Path Accelerator, which gives interns a low-cost way to earn the extra college credits they need to fulfill the 150-credit hour requirement to become a certified public accountant (CPA).

To read the full report, click here. 

Notes to editors

About EY

EY exists to build a better working world, helping create long-term value for clients, people and society and build trust in the capital markets.

Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform and operate.

Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.

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This news release has been issued by Ernst & Young LLP, a member firm of EY serving clients in the US.