EY releases more than 20 new assurance technology capabilities supported by its alliance with Microsoft in the first year of its $1 billion investment program

2023-08-31 19:10:07

London (ots/PRNewswire) – The EY organization today announces an expansion of its collaboration with Microsoft as it completes the first 12 months of a four-year, more than $1 billion investment program to deliver its next-generation Assurance technology platform. The EY organization’s investment is part of an ongoing focus on maintaining the highest audit quality, promoting confidence in the business community and capital markets, and delivering scalable and right-sized audit that aligns with companies’ transformation plans.

Assurance technology applications reach milestone of 500,000 users and benefit from the performance and stability of Microsoft Azure
Recent releases include integrated and transformed analytics leveraging Microsoft Azure and Microsoft Power BI
Integration of Microsoft artificial intelligence capabilities into the next-generation EY Assurance technology platform, supported by the release of the Microsoft Azure OpenAI Service

The expansion of the collaboration between the EY organization and Microsoft follows this year’s release of more than 20 new key Assurance technology capabilities. This is part of EY’s multi-year program of merging advanced technologies into a seamless platform and driving transformation through next-generation data access capabilities and advanced analytics, artificial intelligence (AI) and enhanced user experiences. This transformation supports 500,000 EY professionals and external users and is powered by Microsoft Azure.

Marie-Laure Delarue, EY Global Vice Chair – Assurance, explains:

“The EY organization has reached the first milestone in a four-year investment program to integrate and transform EY Assurance technology. The alliance of EY and Microsoft is central to this program as the EY organization delivers on its commitment to continuously improve audit quality, create sustainable, long-term value and build trust among EY stakeholders and the stakeholders of those served to strengthen companies.”

The first 12 months of the EY organization’s assurance technology investments included the introduction of next-generation audit data analysis using Microsoft Power BI. The EY organization’s release leverages the combined power of EY and Microsoft capabilities that enable agile development and delivery in a unified approach – including Microsoft Fabric. This transforms the user experience and supports full integration of data analytics capabilities directly into the EY Assurance technology platform workflow. EY Assurance teams now process over 775 billion lines of journal entries per year as part of the digital transformation of EY auditing.

This follows the combination of EY Canvas – the EY organization’s audit technology application – with Microsoft Azure, which has enabled strong performance and extensibility to support EY’s delivery of more than 150,000 audits worldwide. This includes the 99.99% availability of EY Canvas with technology from Microsoft Azure in the last 12 months, enabling one of the largest business-to-business (B2B) platforms in the industry.

The recent release of new Assurance technology capabilities across the EY organization includes globally scaled AI. These AI-powered capabilities – leveraging publicly available and EY-generated data – are built right into EY Canvas to help EY assurance professionals conduct risk assessments. The EY organization is also introducing new AI-powered capabilities in predictive analytics, content search and summarization, and document intelligence, including deal linking techniques. As part of these developments, EY teams are using Azure Cognitive Services to integrate AI into the audit process.

The EY-Microsoft alliance also provides EY Assurance teams with early access to new Microsoft technologies and the ability to integrate other Microsoft products into the EY Assurance technology platform. This includes EY’s internal release of the Azure OpenAI Service, allowing EY professionals to experience the potential of generative AI capabilities and benefit from early access to the Microsoft 365 Co-Pilot.

Marc Jeschonneck, EY Global Assurance Digital Leader, says:

“EY’s investment facilitates the integration and transformation of data-driven audits and other assurance services, powered by the Microsoft Cloud and including the latest Microsoft Power BI capabilities.”

Andreas Toggwyler, EY Global Assurance Technology Officer, bemerkt:

“The targeted use of Microsoft Azure enables EY Assurance to further increase the performance and resiliency of the EY Assurance technology platform.”

Paul Goodhew, EY Global Assurance Innovation Leader explains:

“EY is accelerating the delivery of emerging technologies, including artificial intelligence – from ideation to scale release – by integrating Microsoft technologies with the EY platform.”

Arun Ulagaratchagan, Corporate Vice President von Azure Data, Microsoft, sagt:

“EY’s assurance technology platform, powered by the Microsoft Cloud, enables the transformation of EY’s audit and assurance services. Our shared goal of driving disruptive new technologies, including data-driven AI, will continue to be at the heart of advancing the next generation of EY and Microsoft technologies.”

You can find more information about the alliance between EY and Microsoft here

Information about EY

EY aims to create a better world of work, helping to create long-term value for customers, people and society, and building trust in capital markets.

Through data and technology, diverse EY teams in over 150 countries enable trust through security, helping clients grow, transform and operate.

Across assurance, advisory, legal, strategy, tax and transactions, EY teams ask better questions to find new answers to today’s complex problems.

EY refers to the global organization and may refer to one or more of Ernst & Young Global Limited’s member firms, each of which is a separate legal entity. Ernst & Young Global Limited, a UK limited company, does not provide services to clients. Information about how EY collects and uses personal information and a description of the rights individuals have under data protection laws is available at ey.com/privacy. EY member firms do not conduct business in locations where local law prohibits doing so. For more information about our organization, please visit ey.com.

This press release has been issued by EYGM Limited, a member of the global EY organization which also does not provide services to clients.

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