Rise in revenue
EY boosts audit team ‘to help build trust’
Hywel Ball: ongoing investments
Big four accountant EY has posted a 5% growth in UK revenue in a year which saw it hire 3,000 staff including 700 to help improve the performance of its audit team.
This follows intense scrutiny of the profession following a number of audits of high profile firms that subsequently collapsed.
EY has launched a redesigned audit quality strategy which includes a continued focus on developing a culture of professional scepticism, management support of audit partners, further investments in data-driven audit processes, and additional training for its teams.
Investments in audit quality have contributed to a number of audit wins for EY which currently audits 24 companies in the FTSE 100 and 72 in the FTSE 350.
Chairman Hywel Ball said: “Audit quality continues to be a priority for EY and we are making significant ongoing investments.
“Audit is fundamental to building trust and confidence in business and the capital markets, but even more so during a time of significant disruption and uncertainty.”
He said the firm “continued to work closely with our regulator on proposals for audit reform and have submitted plans for the operational separation of our audit practice.
“We recognise that change is needed to restore confidence in our profession, and we believe the steps we are taking are a clear signal of our willingness to do so.