Shantel
Key Takeaways:
- EY completes the first year of a four-year, billion-dollar investment program focused on next-generation Assurance technology.
- Collaboration with Microsoft has resulted in more than 20 new major Assurance technology capabilities, all part of a seamless, unified platform.
- The platform serves 500,000 professionals and external users, and processes over 775 billion lines of journal entry data annually.
- EY Canvas, the company’s audit technology application, has seen a 99.99% uptime, powered by Microsoft Azure.
About EY:
EY is a global leader in assurance, consulting, law, strategy, tax, and transactions. The firm aims to build a better working world by offering services that create long-term value for clients, people, society, and instill trust in the capital markets. With a presence in over 150 countries, EY’s data and technology-enabled teams address complex issues through diverse and innovative solutions.
The Genesis of a Landmark Collaboration
In an era of rapid technological change, companies are seeking reliable yet adaptable platforms that not only ensure the quality of audits but also align with their transformational agendas. Enter EY’s ambitious collaboration with tech giant Microsoft. This partnership aims to redefine what Assurance technology can achieve.
“The EY and Microsoft Alliance is central to this program as the EY organization delivers on its commitment to continuously improve audit quality; drive sustainable long-term value; and facilitate greater confidence among EY stakeholders and the stakeholders of companies served,” said Marie-Laure Delarue, EY Global Vice Chair – Assurance.
Unveiling Cutting-Edge Capabilities
Over the past year, EY and Microsoft have released more than 20 major new technologies focused on advanced analytics, AI, and user experience. This integrated platform is already serving a staggering 500,000 EY professionals and external users, all powered by Microsoft Azure.
Marc Jeschonneck, EY Global Assurance Digital Leader, emphasizes, “EY’s investment is facilitating 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.”
From Data to Intelligence: A Seamless Workflow
Another milestone in this collaboration is the introduction of next-generation audit data analytics utilizing Microsoft Power BI. This tool transforms the way data analytics capabilities are directly integrated into the workflow of the EY Assurance technology platform. Astonishingly, EY Assurance teams now process over 775 billion lines of journal entry data each year.
Andreas Toggwyler, EY Global Assurance Technology Officer, says, “Leveraging Microsoft Azure enables EY Assurance to further increase the performance and resilience of EY’s Assurance technology platform.”
AI: The New Frontier in Assurance
The platform also integrates artificial intelligence capabilities, which offer an enhanced way of assessing risks. EY teams have been leveraging Microsoft Azure Cognitive Services to integrate AI into the audit process.
Paul Goodhew, EY Global Assurance Innovation Leader, notes, “EY is accelerating the delivery of emerging technologies including artificial intelligence – from ideation to scaled release – through the integration of Microsoft technologies with EY’s platform.”
Beyond Assurance: The Expanding Ecosystem
This collaboration does not limit itself to assurance services alone. The EY and Microsoft Alliance also provides early access to new Microsoft technologies, thereby enhancing the scope of integrated products into the EY Assurance technology platform.
Arun Ulagaratchagan, Corporate Vice President of Azure Data, Microsoft, articulates, “EY’s Assurance technology platform, powered by the Microsoft Cloud, is enabling the transformation of EY’s audit and assurance services. Our common aim to advance game-changing new technologies, including data-driven AI, will remain central as we iterate on the next generation of EY and Microsoft technologies.”
In summary, the billion-dollar alliance between EY and Microsoft is a monumental step in the direction of audit and assurance transformation. With an arsenal of cutting-edge technologies, a focus on AI, and the robust backing of Microsoft Azure, this partnership is poised to set new benchmarks and redefine the future of assurance technology.
