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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Audit innovation
Innovation is the driving force behind our audits, and helps us work better, smarter and faster. We embed innovation into everything we do.
What EY can do for you
Innovation drives both EY clients’ and our own services. At EY, we monitor emerging technologies to embrace their benefits, understand the new risks they bring, and better anticipate and respond to the evolving needs of business, regulators and investors.
We innovate and invest in innovation because we are committed to building a better working world and providing the capital markets with greater confidence, better business perspective and enhanced transparency.
Some of the areas we’re focusing on include:
Artificial intelligence (AI)
The exponential increase in the quantity and quality of available data has opened new possibilities for how data can be used by our audit teams.
Artificial intelligence (AI) techniques — most prominently machine learning — allow us to look at data using advanced pattern recognition and harness this functionality to digitally assist our auditors by:
- Analyzing and extracting data from unstructured data, such as contracts, invoices, and images, to gain further audit evidence
- Analyzing large sets of data to help identify, assess and respond to the risks of material misstatement due to fraud
For EY clients, this means:
- Greater confidence and trust: By working with AI tools, the chances of human error are reduced. AI tools provide consistent reasoning with high precision, objectivity and accuracy.
- Increased quality: Quality is increased by assisting the analysis of larger samples.
- Increased value: AI allows us to shape our approach, optimize our time and provide better service to our clients.
We are embedding emerging technologies such as Artificial Intelligence technology across our end-to-end audit process. This includes the application of AI to the area of business document reading and interpretation. This will allow us to expand the scope of the number of documents we analyze, and increases speed and accuracy.
Blockchain
Listed as one of the technologies set to revolutionize how business is carried out across a range of industries, blockchain has the potential to impact significantly the finance and accounting world.
At EY, we are investing in pilot projects to meet and anticipate new market demands in light of the increasing adoption of blockchain. One example includes developing a proprietary EY Blockchain Analyzer to support our audit approach and provide clients with increased transparency on their blockchain transactions.
Through these projects, we are preparing to address new demands and client needs linked to the adoption of blockchain.
Automation
Enhanced automation has been a key component in the development of EY Canvas and EY Helix, and now allows us to improve audit efficiency.
Drone technology
Drones are unmanned aerial vehicles that are piloted remotely. Our developments include:
- Assessing the use of drones to assist with inventory observations
- Assessing the integration of inventory observations with drones and our mobile applications
Our latest thinking
The CEO Imperative: How mastering ecosystems transforms performance
Read the EY Ecosystem Study, a first-of-its-kind deep dive into how ecosystem mastery leads to higher performance.
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How to make the most of AI in corporate reporting
AI offers significant benefits to finance teams, but there are also risks that need to be mitigated. Watch the animation to learn more.
How AI will enable a better understanding of long-term value
AI will be a vital tool in the next generation of company key performance indicators involving trust, culture and ESG risks. Learn more.
Why AI is both a risk and a way to manage risk
The key issues boards need to consider when implementing artificial intelligence technology.
How AI will enable us to work smarter, faster
Artificial intelligence has the potential to transform audit, but it will never replace the auditor.