Ernst & Young (EY)
Case Study: EY delivers audit assurance
EY is one of the largest professional services firms in the world and has 250,000 employees in over 700 offices around 150 countries. It provides assurance (including financial audit), tax, consulting and advisory services to companies.
Customer Story begins in EY Frankfurt – the largest office in the network of 8 major offices across Germany.
“EY has licensed ProcessGold to combine their Process Mining engine with EY’s industry knowledge and expertise in Artificial Intelligence. By this, we support our clients to make robust data-driven decisions based on facts. For internal and external audit ProcessGold Process Mining provides a clear view of risks that require management’s and auditor’s attention. ProcessGold Process Mining becomes the key instrument to drive organisational change.”
EY was looking for new digital solutions and tools to better understand and support their clients during the external audit process. This includes more complete audit coverage and better identification of audit risks and possible compliance breaches leading to fines.
In parallel, the audit industry is moving towards adopting more sophisticated audit methods: “Auditing and regulation are becoming more concerned with behavior, rather than purely concentrating on the numbers.”
Full transparency on client business processes, allowing more complete audit assessment (no samples).
Reduction in client audit preparation time by 50%.
Automated insight into audit risks and compliance breaches.
Performance monitoring across audit company’s entire financial and operational supply chain processes.
Identification of continuous process improvement opportunities for EY’s client.