EY bolsters AI capacities for assurance

Big Four firm EY announced a collection of new AI solutions made to enhance the work of its assurance professionals, the latest development in its $1 billion investment in AI.

"Through its $1billion technology investment, EY is bringing AI right to the heart of the audit, accelerating its transformation," ," said Marc Jeschonneck, EY's global assurance digital leader in a statement. "This elevates the attractiveness of EY for talent and equips EY professionals with technology capabilities to shape the future with confidence." 

Among the new AI-powered solutions is EYQ Assurance Knowledge, which uses generative AI to help with detailed searches and summarization of accounting and auditing content. By integrating EYQ Assurance Knowledge directly into the workflow of the EY Assurance technology platform, the AI can tailor responses based on the profile and context of the audit engagements for companies served, including geography, industry and complexity.

Another product is a new release of EY Intelligent Checklists with AI, which recommends responses to questions in disclosure checklists to support audit professionals in addressing accounting standards and legal requirements. EY is also releasing enhancements to EY Financial Statement Tie Out, which supports audit professionals with accuracy and integrity checks. The enhancements help manage changes between different iterations of company financial statements, alongside existing technology features.

"This launch of new AI capabilities is the first of a series of generative and agentic AI technologies which build on the strong foundations established by integrated and transformative technology," said Paul Goodhew, EY's global assurance innovation and emerging technology leader. "This supports the EY organization's ambition to become the world's most trusted AI-powered assurance provider."

This is not the only area where EY is adding AI. For example, the firm recently announced new artificial intelligence capabilities in its EY Blockchain Analyzer: the Smart Contract and Token Review tool, designed to enhance vulnerability detection in smart contracts through greater code coverage and streamline the contract simulation process. A smart contract is a type of self-executing agreement that is usually implemented through a blockchain; the concept undergirds certain cryptocurrencies like Ethereum. The advanced AI feature enable users to automate and simulate the entire contract review process using natural language prompts and the tool's testing engine. Trained on a library of existing tests and simulations, the feature supports the reviewer's ability to detect vulnerabilities with higher test coverage while leveraging the same number of resources. The SC&TR tool's new AI capabilities eliminate several manual steps for smart contract deployment, such as sandbox simulations and test creation.