EY releases AI Assurance framework to strengthen customers’ trust

photo of stones stacked upon each other outside | EY capabilities to build customers' trust concept

EY has announced new technology capabilities and a global AI Assurance framework for EY professionals to help empower decision-makers in navigating a rapidly evolving and complex business environment.

The release promises to elevate audit quality and deepen assurance insights around businesses’ finance, sustainability and technology risk agendas.

The announcement is part of a multi-year, technology-driven audit transformation program that plans to align approximately 9,000 technology risk professionals to the Assurance service line.

Additionally, the company is releasing more than 25 new EY Assurance technology capabilities as part of its multi-year investment of more than $1bn into a next-generation Assurance technology platform.

Through the multi-year investment program, the organization is integrating technology capabilities into one platform and helping drive transformation through the next generation of data access capabilities and advanced analytics, AI and an elevated user experience.

Specifically, the new technology releases support the supply of EY Audit and other Assurance services, including Financial Accounting Advisory Services, Climate Change and Sustainability Services, Forensic and Integrity Services and Technology Risk Services.

The organization has also released a global AI Assurance framework to all EY assurance professionals that considers the impact of AI used in companies. This includes how AI is applied in financial reporting processes and the related risk management frameworks and controls that organizations implement. The framework has been rolled out to more than 130,000 EY Assurance professionals.

The initiative will support companies to build confidence in their acquisition, development, implementation and use of emerging technologies.

“Strengthening confidence in technology is imperative for organizations that grow and evolve through an increasingly digital ecosystem”, said Marc Jeschonneck, EY global assurance digital leader.

“EY investments in people and technology are promoting quality and facilitating an exceptional experience through Assurance services,” he added.

Paul Goodhew, global assurance innovation and emerging technology leader at EY, commented on the announcement: “The impact of AI is creating new risks and opportunities for organizations.

“EY teams are increasingly leveraging the potential of this technology to support the provision of Assurance services and utilizing that experience with EY clients to provide confidence in their responsible use of this emerging technology.”