EY invests over US$1b in assurance technology platform amid changing needs

PROFESSIONAL services organisation EY on Friday (Jun 17) said it is investing more than US$1 billion in an assurance technology platform that will aim to support the changing needs of capital markets.

The 4-year investment is under EY’s US$10 billion investment plan, of which US$2.5 billion will be invested on technology with a focus on artificial intelligence, trusted data fabric and disruptive technologies.

EY said the platform is part of its focus to provide high-quality audits and respond quickly to changing expectations from regulators, governments, standard setters, audit committees and boards.

The investment will support the integration of existing EY Assurance technologies – including EY Canvas, the current EY cloud-based global audit platform – into 1 platform, and covers EY Assurance services including financial and non-financial reporting.

It will also capitalise on EY Helix’s global data analysers and global audit methodology, as well as leverage advanced technologies from EY alliance partners.

Noting that the investment will improve user experience, Marc Jeschonneck, EY Global Assurance digital leader, said: “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.”