-EY launches more than 20 new Assurance technology capabilities backed by Microsoft alliance in first year of $1 billion investment program
LONDON, Aug. 31, 2023 /PRNewswire/ -- The EY organization today announces an extension of its collaboration with Microsoft, as the EY organization completes the first 12 months of a four-year investment of more than $1 billion to deliver its next-generation Assurance technology platform. The EY organization's investment is part of a sustained focus on maintaining the highest level of audit quality, promoting confidence in business and capital markets, and providing right-sized and scalable audit that aligns with agendas. business transformation.
The expansion of the EY organization's collaboration with Microsoft follows the launch this year of more than 20 major new technology capabilities from Assurance. This is part of EY's multi-year program to integrate advanced technologies into a seamless platform and drive transformation through the next generation of advanced analytics and data access capabilities; Artificial Intelligence (AI); and an elevated user experience. This transformation supports 500,000 EY professionals and external users, powered by Microsoft Azure.
Marie-Laure Delarue, EY Global Vice President – Assurance, said:
"The EY organization has reached the first milestone in a four-year investment program to integrate and transform EY Assurance technology. The EY and Microsoft alliance is critical to this program as the EY organization delivers on its commitment to continually improve audit quality; drive long-term sustainability value; and facilitate greater trust between EY stakeholders and the stakeholders of the companies served."
The first 12 months of the EY organization's Assurance technology investment included the launch of next-generation audit data analytics using Microsoft Power BI. The launch of the EY organization uses the combined power of EY and Microsoft capabilities, delivering agile development and delivery in a unified approach, including Microsoft Fabric. This transforms the user experience and supports the full integration of data analytics capabilities directly into the EY Assurance technology platform workflow. EY Assurance teams now process more than 775 billion lines of journal entry data each year, as part of EY's digitally transformed audit.
This follows the integration of EY Canvas, the EY organization's audit technology application, with Microsoft Azure, which has provided strong performance and extensibility to support EY's conduct of more than 150,000 audits globally. This includes 99.99% availability of EY Canvas powered by Microsoft Azure in the last 12 months, enabling one of the largest business-to-business (B2B) platforms in the profession.
The recent rollout of new Assurance technology capabilities across the EY organization includes AI on a global scale. Leveraging publicly available and EY-generated data, these AI-enabled capabilities integrate directly with EY Canvas to assist EY Assurance professionals in risk assessment. The EY organization is also introducing new AI-enabled capabilities in predictive analytics; search and summary of contents; and documentary intelligence, including financial statement linkage procedures. Through these developments, EY teams have been using Azure Cognitive Services to integrate AI into the audit process.
The EY and Microsoft Alliance further provides EY Assurance teams early access to new Microsoft technologies and the ability to integrate more Microsoft products into the EY Assurance technology platform. This includes EY's internal launch of the Azure OpenAI service, which helps EY professionals experience the potential of generative AI capabilities; and benefit from early access to Microsoft 365 Co-Pilot.
Marc Jeschonneck, Digital Lead at EY Global Assurance, commented:
"EY's investment is facilitating the integration and transformation of data-driven audit and other assurance services, powered by Microsoft Cloud and including the latest Microsoft Power BI capabilities."
Andreas Toggwyler, CTO at EY Global Assurance, said:
"Leveraging Microsoft Azure enables EY Assurance to further increase the performance and resiliency of EY's Assurance technology platform."
Paul Goodhew, Innovation Leader at EY Global Assurance, said:
"EY is accelerating the delivery of emerging technologies, including artificial intelligence, from ideation to launch at scale, through the integration of Microsoft technologies with the EY platform."
Arun Ulagaratchagan, Corporate Vice President of Azure Data at Microsoft, commented:
"EY's Assurance technology platform, powered by Microsoft Cloud, is enabling the transformation of EY's audit and assurance services. Our common goal of advancing innovative new technologies, including data-driven AI, will remain central as we continue to We iterate on the next generation of EY and Microsoft technologies."
You can find more information about the EY-Microsoft Alliance here
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