Executing high-quality audits

We carefully assess the risks of auditing companies and assign partners who have the right skills and the capacity to lead our audit teams in executing high-quality audits. We also integrate specialists into our teams to help us with certain complex matters.

We have a strong quality support system that provides coaching and consultation, and we supplement that support with proactive oversight.

Market share

We continue to have the leading market share in auditing Fortune 500 companies (29%), Fortune 1000 companies (30%) and Russell 3000 companies (27%). In each of the past five years, we have also been the leader among auditors of companies that completed initial public offerings.

Building high-performing teams

Audit quality is enhanced by strong leadership from the partner in charge of the audit, who has overall responsibility for the direction, supervision and performance of the audit and sets the tone for how the work will be done.

The engagement quality reviewer evaluates the significant judgments an audit team makes and plays an important role in our system of quality control.

We carefully evaluate our staffing and integrate EY specialists into our teams to help us address the increasingly complex IT environment, technical tax matters and valuation issues.

Supporting our teams

Members of our Quality Network coach our audit teams on complex matters so they can improve the quality of our audits. The network also supports audit quality through a number of activities including learning and risk management.

Our Professional Practice group consults with audit teams on accounting, auditing and SEC reporting matters and has conducted an average of more than 2,800 consultations a year over the last three years. Professional Practice also performs risk management activities and operates our internal Audit Quality Review program. In addition, Professional Practice develops thought leadership for our clients and audit teams, proactively addresses emerging accounting, auditing and regulatory developments and monitors and identifies areas for improvement in our quality control policies and procedures.

Proactive oversight

Our milestones program helps us promote strong project management by focusing on meeting completion dates for each phase of the audit. Our audit teams have accelerated their work and perform approximately 60% of the audit before the fiscal year end of the company under audit, about 15% more than two years ago.

Timely, direct executive participation in audits enhances quality, and our EY Canvas tool makes it easier for our partners and other engagement executives to monitor the audit team's progress, supervise and coach the team and respond more quickly as needed.