At EY, we have been able to bring a huge amount of digital innovation to the audit. We have effectively digitalized the end-to-end audit process. This enhances the way we look at risk, reduces the burden on clients, and delivers operational benefits and higher-quality audits.
This starts with EY Canvas. EY Canvas is the first totally online platform in the profession. Hosted on the EY private cloud, it connects our audit professionals with clients, wherever the audit occurs.
It allows our teams seamlessly to navigate, coordinate, manage and drive a consistent audit globally, irrespective of size, complexity or location. It also helps us to meet the expectations and evolving needs of businesses, regulators and investors.
We have developed EY Canvas to help our auditors focus on risks and our responses to those risks. Fundamentally, it helps auditors spend less time on the administration of an audit and more time on the areas that matter most.
EY Canvas helps us to communicate a centralized plan to participating teams across the globe, as well as the day-to-day tracking and management of the execution of audit work. Greater transparency allows us to capture, flag and share global audit findings as they arise.
Summary of EY Canvas benefits:
- One globally seamless audit delivered by teams linked through one global methodology and one online global audit platform
- Better response, allowing findings to be reported promptly
- Centralized planning and monitoring of the global audit, providing enhanced capability to the primary team
- Quick customization of the audit approach to make relevant changes across all geographies and to be responsive to the ever-evolving regulatory environment
- Real-time monitoring of the audit, thereby capturing, flagging and sharing global audit findings as they arise
- Streamlined client communications via its integrated online portal
- Improved project management and ability to monitor key milestones in the audit