EY announces $1bn investment in next generation audit tech

EY has invested more than $1bn into a next generation assurance technology platform that forms part of a sustained focus on providing high quality audits that rapidly respond to changing expectations from regulators, governments, standard setters, audit committees and boards. In September 2021, EY announced a wider $2.5bn program that has enabled this latest four-year investment in the tech platform.

The existing EY Assurance technologies will be integrated into one seamless platform through the support of the investment. The platform will combine the strengths of the organization’s leading-class global audit platforms and leverage advanced technologies from EY alliance partners to power a new generation of data-driven assurance services.

The program to build an integrated assurance technology platform facilitates transformation in three major areas: data access capabilities and advanced analytics; artificial intelligence; and the user experience.

Marie-Laure Delarue, EY global vice chair of assurance, said: “Advances in technology, and teaming across the EY organization will take audit quality, the scope of assurance services, and the experience for EY clients and people to the next level.

“The integration and transformation of assurance technology will leverage the strong foundations of EY Assurance’s existing leading-class audit technology suite, including EY Canvas – the current EY cloud based global audit platform. This platform, one of the largest business-to-business (B2B) platforms in the profession, is accessed by over 350,000 EY client users and 120,000 EY people.”

Marc Jeschonneck, EY global assurance digital leader, commented: “This investment supports the delivery of data-driven audits and other assurance services and ultimately provides a new level of capabilities to significantly improve the user experience. This transformation responds to audit committee and finance leaders’ expectations that now encompass not just audit and accounting, but also the broader reporting landscape including sustainability.”