EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
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We merge traditional and innovative approaches, combined with a consistent methodology, to deliver quality audit services to you. Find out more.
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Audit quality is our top priority. We understand the enormous trust that is placed in us as independent auditors, and we embrace our responsibility to perform audits that promote trust and confidence in financial reporting and capital markets. As leaders, we set clear expectations for the quality of work our professionals do each day, and we foster a culture of integrity, accountability and continuous improvement based on strong ethics and our shared values of respect, teaming and inclusiveness.
We have a steadfast commitment to creating an environment in which our people can thrive. Developing and retaining our professionals is vital to who we are as a firm and to sustaining audit quality over the long run. Further, our diversity, equity and inclusion efforts remain a priority because we believe diverse teams drive better decision making and stimulate innovation. Our multi-year audit transformation strategy focuses on using a data-first approach to continuously enhance audit quality and investing in innovative technologies. The global EY organization is investing over US $1bn in a next generation assurance platform which aims to reinforce trust, transparency and transformation.
We recognize the need to constantly evolve to address the dynamic risks faced by the companies that we audit, and we continue to engage with stakeholders to address topics such as reporting on environmental, social and governance, the evolving fraud landscape, cybersecurity and other technology-related matters to shape the audit of the future.
We embrace the transparency objectives of the European Union’s Regulation 537/2014 (the Regulation), which requires Canadian statutory auditors of public interest entities (PIEs) to publish annual transparency reports. The EY Canada Transparency Report 2024 complies with the Regulation and covers the fiscal year ended 28 June 2024, as well as any more recent relevant events.
This report discusses our compliance with the requirements of International Standard on Quality Management (ISQM) 1, Quality Management for Firms that Perform Audits or Reviews of Financial Statements, or Other Assurance Engagements. The standard requires audit firms to design, implement and monitor a system of quality management and to annually evaluate that system. Based on our latest evaluation, we concluded that as of 30 June 2024, our System of Quality Management provides reasonable assurance that the system’s objectives are being achieved. You can find more detail on this in the System of Quality Management section of this report.
This report is intended to be read in conjunction with EY Canada’s annual audit quality report, which can be found here. EY Canada publishes an audit quality report voluntarily to provide more information about how we manage our Canadian audit practice, support our people, and take actions to improve audit quality and maintain our independence.
We encourage all EY stakeholders - including clients and their investors, audit committee members and regulators - to continue to engage with us on our strategy as well as any of the matters covered in this report.