ey audit quality a sustainable approach 2017v2

Transcript

1 Audit Quality: A Globally Sustainable Approach

2 Contents 03 EY structure and governance Foreword Mark A. Weinberger 04 Felice Persico 05 Viewpoint David Thorburn 06 Introduction Driving a culture of audit quality 07 Tone at the top 08 World view 16 10 Strengthen people capabilities By strengthening the capabilities of all our people, we are able to better equip them with the tools to provide high-quality audits, and by showing how much we value them, we are in a better position to attract high-quality new recruits. 18 Simplification The simplification of our Global Audit Methodology tools, processes and enablers is an ongoing process that is continually updated and refined so that all our audits worldwide benefit from consistency of approach, while also being tailored to individual requirements. 22 Audit technology and digital Our enhanced global audit platform, encompassing EY Canvas, EY Helix and EY Atlas, provides our auditors with a suite of technology tools to aid them in their work, which increasingly adopts an analytics-driven approach. 28 Accountability, enablement and quality support The system of reviews and rewards we have established encourages our auditors to take personal and professional pride in producing their best work, which we support and monitor so that all our audits are of high quality. Audit Quality: A Globally Sustainable Approach 02

3 EMEIA Japan Asia-Pacific Americas 11 98 10 5 22 31 1 1 Countries Regions Regions Countries Region Country Countries Regions EY structure and governance The streamlined structure allows EY client service by member firms worldwide. EY is a global leader in assurance, tax, member firms to further enhance their The member firms’ obligations and transaction and advisory services. provision of consistent, exceptional client responsibilities are governed by the Worldwide, around 250,000 people service worldwide, with the Executive regulations of EYG and various in member firms in more than 150 coordinating a global approach to strategy, agreements. other countries share a commitment to building quality, risk management, business a better working world, united by shared planning and priorities. It allows for The Global Governance Council is the values and an unwavering commitment to greater stakeholder focus in the 27 main oversight body of EYG. It comprises quality, integrity and objectivity. In today’s Regions, permitting member firms to build one or more representatives from each global market, EY’s integrated approach is stronger relationships with clients and Region, other member firm partners as particularly important in the provision of others in each country and be more representatives and up to six independent high-quality, multinational audits. responsive to local needs. non-executives. EY refers to the global organization, and The Global Vice Chair, Professional Practice The Executive layer of EY’s operating may refer to one or more of the member works directly with the Area Professional model includes the Global Executive firms of Ernst & Young Global Limited Practice Directors (PPDs) to establish (GE), its committees and teams. The (EYG), each of which is a separate legal global audit quality control policies and GE combines leadership from our four entity. EYG, a UK company limited by procedures. Area PPDs are overseen by the Areas — the Americas, EMEIA (Europe, the guarantee, is the central entity of EY. Global PPD and the Area Assurance Leader, Middle East, India and Africa), Asia-Pacific It does not provide services to clients. while the Global Vice Chair, Professional and Japan — and four service lines — Practice is overseen by the Global Vice Advisory, Assurance, Tax and Transaction EYG coordinates the member firms and Chair, Assurance. This helps provide Advisory Services (TAS). This creates promotes cooperation among them. Its greater confidence as to the objectivity of an accountability matrix, strengthening objectives include promoting the audit quality and consultation processes. global while empowering local. provision of exceptional, high-quality Audit Quality: A Globally Sustainable Approach 03

4 Foreword Building a better working world with Sustainable Audit Quality Mark A. Weinberger Global Chairman and CEO, EY igh-quality audits create trust and confidence in the capital markets and facilitate economic growth. Providing high- Building quality audits helps us at EY to fulfill our purpose of a better working world . H The Sustainable Audit Quality (SAQ) program, our commitment to conducting globally consistent, high-quality audits sustained over time, is making a difference. It ensures that we have the right tone from the top and clear accountability across EY. Through the six components of SAQ, we have introduced common technology, methodologies and approaches to training and evaluating our people. Since we introduced SAQ, there is greater consistency in our audit execution, and our internal and external inspection results are improving. While we are proud of the progress that has been made, we will always have more to do to improve our work. At EY, we want to be known for audits that consistently exceed regulatory benchmarks. By doing so, we provide greater transparency to investors and the markets. We also embrace innovation to evolve the audit and offer more insights to audit committees and company boards. demonstrates our Audit Quality: A Globally Sustainable Approach commitment to this cause. I hope you enjoy reading about the improvements we have made and our plans for the years ahead. “We want to be known for audits that consistently exceed regulatory benchmarks.” Audit Quality: A Globally Sustainable Approach 04

5 Our mission: to be the highest-quality audit organization in the profession Felice Persico Global Vice Chair, Assurance, EY lot has been accomplished since EY launched SAQ in 2015 as a strategic program focused on improving audit quality. The changes introduced through SAQ have required significant investment and created a positive change for A our people and the companies we audit. Over this period, we have globally deployed EY Canvas, our online audit platform; introduced the EY Canvas Client Portal; established our Global Audit Quality Committee; developed a network of seasoned professionals as our Quality Enablement Leaders (QELs); implemented the Milestones project management program; transformed our root-cause analysis program; and launched a number of other global initiatives. SAQ demonstrates our commitment to keeping audit quality as our primary focus. It is the single most important factor in our decision-making, and the key measure on which our professional reputation stands. SAQ is making an impact, and we are already seeing improvements in our audit quality results. Our mission is to be the highest-quality audit organization in the profession. We are proud of the progress that has been made and know that our efforts are ongoing. This publication details the approach we have taken on each of the six components of the SAQ agenda: tone at the top, strengthen people capabilities, audit technology and digital, enablement and quality “SAQ is the single support, simplification, and accountability. It shows the extent of the culture change program on which we have embarked. most important All our people are having to learn new ways of working. They are factor in our embracing innovation and harnessing the power of new technologies such as data analytics, robotic process automation (RPA), decision-making, blockchain, artificial intelligence and machine learning. and the key We cannot stand still. As this publication demonstrates, continuous improvement is fundamental to the way we operate and quality is measure on which key to our culture. our professional reputation stands.” Audit Quality: A Globally Sustainable Approach 05

6 Viewpoint Serving the public interest David Thorburn on behalf of the EY Independent Non-Executives audit failings or if problems arise in a challenge management and make sure that t its heart, auditing exists particular location, we will dig deeper. this well-intentioned initiative stands up to to serve the public interest. Where there are failings, we will seek scrutiny. We are pleased to say that there The expectations of all our assurances on the root-cause analysis, is clear evidence of a strong tone from the stakeholders, as to the quality A remedial action taking place, and learnings top, good commitment at all levels and of our work and the consistency of our being transferred across the global network. substantial resources being devoted to execution, have never been higher. So, in the initiative. our role as Independent Non-Executives We meet regularly with leadership and (INEs), we want to be certain that quality discuss these key topics, which include We also welcome the global approach, which is EY’s first priority. the progress against the IFIAR goals. The allows the use of standardized processes, INEs’ priority in the coming year will be language, systems and internal reporting. Since June 2016, I have been an INE on to monitor the execution of SAQ and the Therefore, continuing to strengthen the Global Governance Council (GGC), organization’s progress with audit quality consistency of execution across the network EY’s main oversight body. There are up to results across its international network. is critical to achieve its objectives. six individuals who are INEs. Sir Richard Lambert stood down in April 2017, due to We have been pleased to see EY’s Audit quality, of course, is not just a priority expiring terms, and I have taken over his role commitment to SAQ as a foundational for EY. There is pressure on this issue as chair of the Public Interest Committee element of its culture and its push to from a variety of important stakeholders, (PIC), which is a subcommittee of the develop a market-leading global digital audit. including investors, politicians, the public GGC. I also chair the UK member firm’s This is vital for EY’s long-term success and and the media. It is the primary focus of INE Oversight Committee, which focuses its ability to meet the expectations of the attention in the regulatory environment, on the implementation of the FRC’s Audit public, politicians and regulators in relation with bodies such as the International Forum Firm Governance Code. to audit quality. of Independent Audit Regulators (IFIAR) setting challenging targets for improved The PIC is primarily concerned with inspection results. overseeing audit quality in the global David Thorburn is a member of the EY GGC organization. Of course, serving the public and chairs its Public Interest Committee It is pleasing that EY’s internal targets on interest extends beyond audit quality — and the UK member firm’s INE Oversight audit quality go beyond the goals set by incorporating ethics and whistleblowing, Committee. He is also an External Member IFIAR and other regulators. Organizations for example — but quality is first among on the Bank of England’s Prudential such as EY should have their own risk equals. EY’s SAQ program is its vehicle for Regulation Committee, and was previously appetite, their own quality standards, confirming that there is a globally consistent the Chief Executive of Clydesdale Bank and should draw the line where they approach to delivering high-quality audits and Yorkshire Bank. think appropriate. and it is the principal focus of the PIC. The INEs will be examining EY’s SAQ is a tremendously important initiative performance closely. If there are recurrent for EY and the INEs have a responsibility to Audit Quality: A Globally Sustainable Approach 06

7 Driving a culture of audit quality Steve Konenkamp Assurance EY Global Deputy Vice Chair, explained in more detail in the later chapters n no other time in my 36-year career of this publication: have I seen EY as focused on providing high-quality audits. Our organization Tone at the top: the internal and external has embraced the EY SAQ program I messages on quality that the EY leadership and is fulfilling our commitments to team send, including from our audit partners. the companies we audit, the investing This is the most important element of community, regulators and society. continuously building our culture of audit quality. SAQ was launched in 2015 and is our globally consistent approach to specific Strengthen people capabilities: implementing a high level of audit quality. initiatives that support our auditors in As outlined elsewhere in this document, a devoting time to performing quality work. number of changes have been made and This covers recruitment, retention, learning initiatives launched as part of SAQ. The and workload management. It also includes launch of our suite of technology tools has consideration of the type of skills and been fully embraced by our audit teams capabilities we need now and into the future. across the world and provides a platform for significant change in the years ahead. how we are simplifying and Simplification: This leading-edge technology is allowing us standardizing our methodology, forms, to better execute and monitor our audits. templates and checklists to improve the quality, consistency and efficiency of our audits. Our goal is to have a culture where quality is always the most important focus area for Audit technology and digital: our our auditors. SAQ is the highest priority for investment to improve the audit process our Assurance service line — above any other through the use of the latest technology. program that we have launched — and it is In addition to our online audit tools, this driving the ongoing focus on our culture and involves evaluating emerging technologies how we better execute to deliver the highest such as drones, artificial intelligence, quality audits in the profession. robotic process automation and blockchain. SAQ has been important in improving Enablement and quality support: how we are our results in both internal and external helping teams to manage their responsibility inspections. We are on course to do our part to provide quality. This includes efforts to in achieving the target set by IFIAR of a 25% support them through coaching, root-cause reduction in “deficient audits” — audits with analysis, the Milestones project management at least one significant inspection finding — program, the network of Area and Regional by 2019. QELs and the Global Audit Quality Committee (GAQC) and its Area equivalents. Our long-term internal goal is for the percentage of audits globally that are each of our partners Accountability: classified as less than satisfactory to be “Our goal is to have involved in executing audits is accountable in the single digits. We need to improve for the provision of high-quality work, and further the consistency of our execution a culture where our Assurance leadership is accountable and continue to raise performance. As the as well. We have reviewed our reward and name SAQ suggests, long-term “sustainable” quality is always recognition initiatives and enhanced our improvement is our ambition. accountability framework. the most important We are making progress on each of the Quality is and will continue to be our priority. six components of SAQ and overall it is focus area for We will build on the progress made so far and driving enhancements to our culture. Each report back in future issues of this publication. our auditors.” component is briefly summarized here and Audit Quality: A Globally Sustainable Approach Audit Quality: A Globally Sustainable Approach 07 07

8 Leadership Tone at the top established a global Culture and Behaviors We believe it is important to set the right “We believe that task force, to drive change management tone from the top by establishing and and instill expected behaviors. It is critical maintaining a culture that is underpinned by asking the that our stakeholders view EY as the by high-quality, effective risk management leading audit organization in terms of a and continuous improvement. Such right questions, quality culture, and we are developing a a culture fosters an environment of number of initiatives to make this happen. confidence, trust and pride which, in our auditors turn, enhances mutual accountability The task force meets regularly and and develops high-performing teams. can serve the includes representatives from Assurance leadership, talent, communications and This is the reason that “tone at the top” public interest.” internal and external behavioral change is the first component of SAQ and why professionals. It is currently developing we place great emphasis on culture, a mentorship scheme, to be led by our consultation and communications. QELs, and a communications program building on our existing “What we do By “the top,” we do not just mean the matters” campaign. Global Chairman and Chief Executive or the Global Vice Chair for Assurance. The We believe that by asking the right messages sent by almost 4,000 audit questions, our auditors can serve the partners across the globe are equally public interest, and thereby help build essential to maintaining a culture that businesses, boost local economies and is focused on quality. support communities. Cascading this tone from the top will EY’s approach to business ethics and help our people understand that shared integrity is embedded in our culture values and commitment to quality are of consultation and our internal central to everything that we do at all communications. Senior management levels of the organization. Our leaders say... regularly reinforces the importance of performing quality work, complying with Using root-cause analysis, we have “We have more than professional standards, reviewing audit identified the key behaviors necessary 100,000 engagements evidence skeptically, adhering to policies to carry out a quality audit and have worldwide and more than and leading by example. 70,000 auditors. Our people are continually learning Our culture supports a strong need new ways of working.” for collaboration and places special emphasis on consultation when dealing Don Zimmerman, EY Global Vice with complex or subjective accounting, Chair, Professional Practice auditing, reporting, regulatory and independence matters. To reinforce the importance of quality, we have also produced an internal publication outlining the governance structure for quality at EY, which includes biographies of more than 100 key people. Audit Quality at EY: The second edition of was published in Governance Structure August 2017. Our governance structure promotes consistency, accountability and transparency. Our guiding principle is that no client is more important than professional reputation — the reputation of EY and that of each of our auditors. Audit Quality: A Globally Sustainable Approach 08

9 Viewpoint It’s all in the detail This is where our network EY Canvas incorporates As such, our commitment to of QELs has been so our Milestones project quality is unwavering. important. The QELs are management program, senior Assurance leaders which has been broadly SAQ is the means by which who provide on-the- deployed since 2016 and we achieve excellence. ground support to our helps improve timeliness Since launching SAQ in engagement teams. and efficiency. 2015, we have experienced significant progress. EY’s In the past 18 months, Root-cause analysis shows internal and external we have established QELs that poor project management inspection findings globally in every EY Region and is associated with quality are showing improvement, have created the GAQC deficiencies. Milestones and we are producing greater to consider strategy and addresses this head-on, and consistency in execution. Don Zimmerman , policy decisions. introduces greater discipline EY Global Vice Chair, into the audit. Our ability to provide Professional Practice EY Canvas, Milestones, the consistency is based in part QELs and the GAQC are all Embedding EY Canvas and on the use of EY Canvas, our crucial elements in driving Milestones globally has been online platform. EY Canvas improvements to our audit a major undertaking. We was deployed broadly in 2015 Details matter. The way we quality. They have been have more than 100,000 and is now used globally on carry out our audit work, the a big part of our SAQ engagements worldwide and our audits. It streamlines our way we document it and the efforts, and continue more than 70,000 auditors. communications through an way we check it matter. to keep us on top of Our people are continually integrated portal and enables the detail. learning new ways of working. us to provide a seamless audit. EY is in the detail business. Sustainable Audit Quality A series of initiatives across six components Tone at the top Enablement Strengthen people Audit technology Simplification capabilities and digital and quality support Accountability Audit Quality: A Globally Sustainable Approach 09

10 Strengthen people capabilities forever or return to us at a later date, our To provide high-quality audits, we need aim is to ensure that they are constantly high-quality people. As a result, EY is developing during their time with us. committed to attracting, recruiting, developing and retaining outstanding We invest in our people by offering them audit professionals. a broad range of opportunities to enhance their professional skills and personal These audit professionals must be development. Alongside this, they benefit knowledgeable and skilled at what they from award-winning learning, as well do. In addition, we need them to act with as coaching and mentoring designed to integrity and to demonstrate appropriate “We invest in our help them achieve their full potential and behaviors, such as curiosity, good enjoy enriching career experiences. Our judgment and professional skepticism. people by offering approach is summed up in EY’s people We place a lot of emphasis on supporting value proposition: “Whenever you join, our people to develop these skills and make them opportunities however long you stay, the exceptional the most of their abilities throughout their EY experience lasts a lifetime.” career journey. to enhance their Attracting and recruiting We understand that not everyone who joins professional skills EY does so with the intention of staying Recruitment is the first step in the process with us for their entire career. Nevertheless, of developing high-quality auditors. and personal whether they stay with us for a few years All around the world, we have rigorous development.” or a few decades, whether they leave us selection processes in place so that we Audit Quality: A Globally Sustainable Approach 10

11 Strengthen people capabilities team will include more professionals who recruit bright people, with the right have, for example, deep sector knowledge attitudes and behaviors, who will excel Our leaders say... and data analytics experience. There in the audit profession and drive our will continue to be a focus on all auditors organization forward. “Our work with different acquiring and improving analytical skills, sectors helps EY while the need for business acumen, We are looking to recruit people who professionals to develop strong communication and project have broader skills and backgrounds. In management skills will increase. addition to the core accounting graduates deep industry knowledge we have recruited in the past, we are and ensure that we have The learning and development that looking for people who can interrogate the right people on the our people receive is delivered to a data and competently handle technology. right engagements.” consistently high standard so that we Regardless of their subject background, produce auditors of equally high caliber we expect the same high standards of all Alison Kay, EY Global Vice Chair, in every market in which we operate. our recruits, including integrity, strong Industry We focus on equipping them with the skills business acumen and leadership potential. and technical knowledge they will need to become effective auditors who are As audit becomes more analytics-driven, recognized for their sound judgment we are recruiting from an increasingly and professional skepticism. diverse talent pool. We now seek out more individuals with a background in science, The Audit Academy technology, engineering and mathematics (STEM) for our audit teams, as well as EY has invested significantly in developing those who graduated with an accounting the Audit Academy, which offers a degree. Students from STEM disciplines consistent audit-training program for have not traditionally been aware of career all of our people across the world. opportunities in audit, so we need to make sure they see us as an attractive employer. We take the learning and development of We are working hard on campuses to raise our people very seriously and delivered awareness of our brand, and the roles and more than 6.4 million hours of learning opportunities available within Assurance. across Assurance services during 2016. Thanks to the Audit Academy, everyone “Whenever you For example, we recently launched the across the practice has access to a @eystaycurious campaign on Instagram, consistently high standard of training. join, however long highlighting where STEM skills fit into the audit. In 2017, we made Universum’s top We have been reviewing and modernizing you stay, the 50 employers for engineering students for our audit curriculum by reducing the first time, so our efforts are starting traditional, lecture-based classroom exceptional EY to have the desired impact. education that involves the transfer of knowledge from a facilitator experience lasts We believe that the increasing complexity to participants. Our learning now a lifetime.” of businesses will mean that the audit incorporates a blend of on-demand EY Assurance recruitment FY17 52% female and 48% male hires Audit Quality: A Globally Sustainable Approach 11

12 video- or web-based learning, classroom- based activities focused on the application of concepts and principles, and reinforcement material that can be used in the field. In the classroom, people are given technology-enabled simulations and case studies, and work on them in small groups, in the same way as they would in an audit. This blend of learning is intended to what to teach our auditors not just to think, since they will how think, but also be developing the deep, critical thinking skills, professional skepticism and business acumen that are essential to providing high-quality audits. The Audit Academy has now been deployed to our managers and seniors, with a new program for the rest of our people being deployed in 2017. In order to understand the impact of the Audit Academy on audit quality and other criteria, EY has measured the effectiveness of the programs by interviewing more than 340 participants, Number of audit professionals and a selection of their managers and class facilitators. FY16 FY17 FY15 Overall, 86% of those who attended the training said it was highly relevant to their 3,880 3,916 Audit partners 3,739 work, and 91% said they had, or intended 12,519 Executive directors, senior 11,564 12,081 to, put the learning into practice. Of those, managers and managers 92% could demonstrate how this had a 48,624 Seniors and staff 54,904 51,223 positive impact on their engagement. 67,184 Total 71,339 63,927 These results generally fall within the top quartile of results for learning programs Ratios of partners to other 17.22 16.10 16.32 audit professionals at comparable organizations. To date, the Audit Academy has won six industry awards in recognition of its success. However, we will invest further in Retention of audit professionals enhancing our curriculum as part of our continuing commitment to audit quality. FY17 FY15 FY16 Engagement 79.1% 78.4% Total 76.8% Research carried out by EY has found that there is a strong correlation between Source: EY engagement and retention. Those Regions that engage with their people effectively do benefit from higher retention. So we monitor engagement closely. Every year, we conduct a Global People Survey, which allows us to assess the engagement levels of our people. Our most recent survey, conducted in 2017, found that nearly three-quarters (72%) of people in the Assurance service line had a Audit Quality: A Globally Sustainable Approach 12

13 Strengthen people capabilities favorable attitude in terms of engagement, the same proportion as in 2015. Viewpoint In addition, the survey highlighted that our people feel overwhelmingly proud to The future of Talent work for EY. We consider these results to be a significant achievement given that We concluded that the audit the expectations of new joiners to the professionals of the future will be workforce are rising all the time. creative and curious individuals who are confident using both established One of the ways we engage with our and emerging technologies. They people is through EY’s purpose, which is to will be great communicators build a better working world. We translate and have strong interpersonal this overall purpose into an audit context skills so that they can easily build by explaining that what our people do trust-based relationships with helps to increase confidence in the capital stakeholders. Business acumen, markets. We want them to be proud to professional skepticism, an be auditors, which is why we participate analytical mindset and the ability globally in the #AuditorProud social media to interrogate large data sets will campaign. In 2016, we had the largest also be critical to their success. voice globally, with a 41% share. EY Global Karen Hochrein, Finding individuals who fit this We also engage with our people in many Assurance Talent Leader profile is no easy task. That’s other ways. One example is through why we will need to diversify our “Counseling Families”: small groups of recruitment to attract different around 25 people who meet on a quarterly skillsets, such as individuals from basis. These meetings are an opportunity Technology presents us with a science, technology, engineering for leaders and teams to connect and unique opportunity to raise the and mathematics disciplines. drive two-way communication, as well as attractiveness of the auditing Less routine tasks will result in an opportunity to recognize and celebrate profession to a broader talent more valuable experiences for our achievements. It is through these teams, pool. Advances in analytics, people, enabling them to accelerate and our audit teams, that we engage our artificial intelligence and robotic their career. In parallel, we will people in our purpose and their role in process automation mean continue our focus on improving protecting the interests of investors. Our that certain tasks traditionally engagement and retention by Global People Survey (GPS) proved the associated with auditing will providing exceptional experiences, effectiveness of our Counseling Families, be reduced. Instead, auditors learning and coaching. We are since people who belonged to a working will increasingly be engaged in also ready to bring in contingent Counseling Family were between 4% and activities that provide value- workers with specialist expertise 7% more engaged. adding insight, innovation and as and when the need arises. challenge, resulting in better- In addition, we realize that clarifying quality audits and enhanced This is a very exciting time to be people’s career paths has an impact on career experiences for our people. the EY Global Assurance Talent engagement, so we have created career Leader. Our profession is currently framework documents for every rank. EY has invested considerable time undergoing a transformation that These explain what the organization and resources in evaluating the I have not seen in my professional expects at each level and what learning skills that the audit professional lifetime, enabling us to provide and experiences people can undertake of the future will need, taking even higher-quality audits while to develop themselves. account of a variety of factors providing our people with more that are impacting our workplace. opportunities to grow and develop As part of this commitment to clarifying These include digitalization, in ways never previously imagined. career paths, we also focus on “experience regulators’ changing demands, The audit profession of the future management” across the world. We clients’ expectations for auditors to will certainly be quite different have changed the emphasis of our teams have increased sector knowledge from the audit profession of today. that assign people to audits so that it is and the fact that the number of I, for one, can’t wait to play my less about assignment and more about complex, multi-location global part in it. experience management. It is their audits will continue to rise. responsibility to confirm that our people are scheduled onto engagements where they can use their skills and competencies, and which help them to develop new skills while supporting the needs of EY. Audit Quality: A Globally Sustainable Approach 13

14 performance and their pay, or fostering Managers and above in audit have identified discuss what we can do to improve their an environment where they have the a primary and secondary industry sector to day-to-day experience. flexibility they need to succeed. gain experience in. By developing in-depth knowledge of their clients’ sectors, they are We have introduced a retention database Flexibility is more important today than better able to understand the risks involved that provides sophisticated reporting on it was in the past, since it is especially in the entities we audit. how we are retaining high performers and prized by the Millennial generation that new hires, and what the push/pull factors forms a key part of our workforce. It is also Another important way in which we will for leavers are, at both a country and a critical to retaining audit professionals with be engaging with our people is through regional level. We also have a globally parental or other caring responsibilities. LEAD, our new leadership, evaluation aligned retention taskforce and regional and development system designed for retention goals, and we advise our leaders In our messages to our people, we all EY professionals. This system, which on how they can personally help to retain highlight the huge variety that comes supports performance development and talented individuals within EY’s audit with a career in audit — they get to work encourages frequent feedback, received practices. This may mean encouraging with a variety of enterprises, carrying very positive responses during the pilot their people to strive to become senior out different roles, in different locations, and led to higher engagement levels. It managers, recognizing them for the within different teams and for different is being rolled out globally in 2017. contributions that they make, helping them managers — this variety helps them to to better understand the link between their Retention rapidly build a set of invaluable skills that would be significantly harder to acquire Annual turnover in audit for EY is in another environment. around 21% globally. Since we know that retaining good people is critical to “Flexibility is prized Mobility and workload maintaining audit quality, we have made management retention a priority, particularly in our by the Millennial “attrition hotspots” (areas of the world Our resourcing strategy supports audit where the turnover rate is higher than quality by ensuring that we have the right generation that we would expect). We work with local people, with the right skills, in the right teams to agree action plans and engage place, at the right time. At one end of forms a key part with our people to improve retention; the spectrum, this may entail relocating of our workforce.” for example, by running focus groups to a leader with in-depth financial services Audit Quality: A Globally Sustainable Approach 14

15 Strengthen people capabilities We have also charged all our senior leaders knowledge to a member firm across the “Our resourcing with planning for their succession. There is world in order to support a banking audit. a big emphasis on diversity as part of this At the other end, we may support audit strategy ensures succession planning — in terms of achieving teams by arranging for one of our Global the right balance between leaders from Talent Hubs (support centers in India, the that we have the mature and emerging markets, as well Philippines and other locations) to handle as the right gender balance. We are some of the work associated with an audit. right people, with focused on promoting more women into senior positions and on giving the right We also have dedicated mobility programs the right skills, development opportunities to potential in place for our high-potential people, future leaders. which help them to become better auditors in the right place, of international clients. Our New Horizons We promote an inclusive environment program offers placements that are at the right time.” where difference is encouraged, enabling three to six months long, while our Global us to recruit and retain a diverse Exchange Program offers placements of workforce. Whenever we are considering a between 18 months and two years. proposal, we ask ourselves whether this is “preference, tradition or requirement” to Although audit is gradually becoming less help us promote an inclusive approach. In seasonal, our auditors still have peaks addition, considerable effort is undertaken in their workloads. We recognize that by the Regions, including the establishment a flexible approach works for both EY of network communities and the training and our people. We encourage teams to of our leaders to highlight and counter discuss individuals’ flexibility needs at the unconscious bias. These activities are start of every engagement and to support working — in the 2017 GPS survey, 72% one another in ensuring that these needs of our people responded favorably to are met. In the Americas, for instance, we the statement: “EY provides a work have a program for some professionals environment where I feel free to be myself.” who only want to work at certain times of the year. We have also instigated programs Awards to better phase the annual audit cycle to improve workload and quality. At EY, we are committed to continually Our leaders say... improving the working environment for all In every Region, the Assurance service our people around the world. As a result of “Our profession is currently line works closely with its talent leader, our efforts, the organization and member undergoing a transformation who is responsible for overseeing the firms regularly feature on rankings of that I have not seen in talent agenda. Their overall objective is to “best places to work” around the world. my professional lifetime, develop first-class audit professionals and enabling us to provide even they focus on areas such as onboarding Here are some examples of where we of new recruits and managing individual have featured: higher-quality audits while client portfolios, as well as ensuring providing our people with attendance at learning events. The DiversityInc Top 50 Companies for _ _ more opportunities to grow different Regions also work closely (2017) — ranked 1 Diversity and develop.” to develop the global talent agenda _ _ DiversityInc Top 15 Companies for and contribute to projects such as the (2017) — ranked 1 Mentoring Karen Hochrein, EY Global Assurance Professional of the Future. Universum’s Most Attractive Employer _ _ Assurance Talent Leader rankings — Business (2017) — ranked 4 Diversity and inclusiveness Sunday Times 25 Best Big Companies _ _ (2017) — ranked 17 to Work For Diversity is an important component of high-quality audit teams, since different _ _ The World’s Best Multinational people are attuned to different risks. We Workplaces (2016) — ranked 21 have focused on promoting gender diversity Fortune 100 Best Companies to Work _ _ within our audit teams over recent years. In For (2017) — ranked 29 2017, 31% of our new partners in Assurance around the world were female, compared As mentioned above, EY won six awards with 30% in 2016. EY has a proactive for the Audit Academy in the 2016 strategy toward female audit professionals. Brandon Hall Group Human Capital We identify women at key transition points Management Awards, which recognize during their career at EY — for example, at excellence in the learning industry. A manager and senior manager levels — and further six Brandon Hall awards were connect them with our senior leaders, given to learning programs in other both male and female. parts of the organization. Audit Quality: A Globally Sustainable Approach 15

16 World view Jean-Yves Jégourel Frank Mahoney EY EMEIA Assurance Leader EY Americas Assurance Leader The Audit Quality Committee My goal is for EY to have the teams; and a number of SAQ is part of our core has also been established highest-quality audits in the mobile apps. culture at EY. It’s how we at EMEIA level. This is profession. This is essential operate, central to daily chaired by the Area QEL and to support our ambition to Our Statutory Audit Center activity, and embedded in includes me and other senior be a market-leading brand of Excellence has also been our people from the day Area Assurance leaders, and to respond to our an important technological they join us and throughout plus representatives from purpose of building a better innovation. This provides their careers. operations, talent, technology world. working coordination and support for and Professional Practice. statutory audits, allowing us We are automating, We examine the trends and One of our strategic to track their status and spot simplifying and freeing audit situations that might affect initiatives in EMEIA is to trends and inconsistencies. teams from administrative quality and discuss any instill SAQ as a foundational tasks, so they can operational activities that element of the EY culture. And, of course, we are concentrate on higher-risk could be changed. To help us achieve this, we supporting our people or more complicated areas. continue to work closely through the QEL network. With businesses evolving In some countries we have with our regulators. Overall, They have evolved from a faster than ever before, our run quality days. These are we are on track to improve responsive network focused auditors need to be more one-day seminars bringing our quality measures over on inspection support and nimble. We should be more together the audit executives previous years, but we coaching to a proactive focused on the future and of the practices to discuss acknowledge that we can group engaged in front-end on risk elements resulting audit quality. We also invite always do better and will risk assessment. from changes to the business the local regulator, so continue to strengthen our model, the economy and they can be involved in the investment in quality. All these developments have the business environment. discussion and witness the helped to boost audit quality. tone from the top. We have now moved from The impact can be seen in Advances in technology, like concept to reality in our our improved internal and the EY Canvas online audit Quality days have been an execution of SAQ. A common external inspection results tool, are not just supporting important innovation and I am methodology has been and in the reduced number our engagement teams, encouraging other countries established for root-cause of restatements. We see a they are helping us to drive across EMEIA to run similar analysis, the Milestones direct correlation between and manage our activities. events. We won’t achieve a project management such metrics and the EY Canvas is an innovative step-change in quality by program has been fully program. SAQ tool that is used by audit ourselves. There is a common implemented and we have teams around the world. It objective between us and supported the Simplification SAQ has changed how we incorporates Milestones, our regulators. The more we Task Force (see page operate and the way our our project management collaborate, the more we can 19), with two senior audit people function every day program; a Client Portal, find solutions to problems, partners from EMEIA on an audit. Quality is, and allowing companies to and the more we can achieve. involved in the project. always will be, our priority. provide data directly to audit Audit Quality: A Globally Sustainable Approach 16

17 World view Hitoshi Matsuoka Edward Ho EY Japan Assurance Leader EY Asia-Pacific Assurance Leader audit quality. In many Audit quality is of the (AQCC), which monitors the The foundation of an audit respects, they can be seen upmost importance. It sets status of audits. organization’s social mission as an operational review as EY apart, supports our has been, and always will be, much as a quality summit. reputation, and is my priority To develop our people, we are protecting capital markets when I address both internal providing external training by providing confidence The QELs have also been and external audiences. sessions and other activities in companies’ financial an important initiative in to help them understand the statements. We have to be Asia-Pacific. If we have One of the most significant thinking of a wide range of constantly mindful of what an audit quality issue, SAQ initiatives in Asia- stakeholders. We also transfer the public expects of us. identified through a root- Pacific has been our audit people between divisions cause analysis, then we quality summits. These are and offices, and second them To keep meeting the public’s immediately have a network one-day events, attended to other service lines and changing expectations, we of partners who can cascade by all the audit partners in a external organizations. need to embed a professional the appropriate message country. So far, we have run culture that encourages our quickly. It is a powerful them in Malaysia, Indonesia, We have strengthened reviews people to be open and to communications vehicle. Thailand, Vietnam, Korea of partner performance so that exchange opinions, information and the Philippines. evaluations are conducted and knowledge across the So is the Milestones project with a stricter assessment organization. We want change management program — both We carry out a survey of audit of audit quality. Evaluations to be seen in a positive light. at a global and Area level. partners to discuss quality for audit quality are discussed In Asia-Pacific, we have issues two weeks ahead of and decided at the AQOB To embed this culture, we focused on our top 100 each summit. Then we use after a primary evaluation is have embraced SAQ, updated engagements, checking that the results to determine the executed through the ongoing our organizational structure, each audit is on schedule. agenda for the event. On the monitoring of the AQCCs. improved our quality control This is now being extended day, action points are collated system for audit work and to the top 200 engagements, and an implementation plan We launched the Assurance strengthened our approach and could be extended still developed. The Assurance Innovation Lab in November to talent development further in the future. Leader in the relevant 2016, aimed at creating the evaluation. and country is then asked to “Smart Audit of the Future” by The summits, QEL network monitor and execute the using technology such as data We have established and Milestones program have implementation plan, with analytics, artificial intelligence a professional Culture all helped to maintain our support from the Area and and blockchain. Improvement Committee, a focus on audit quality. We regional QELs. Public Interest Committee and have established a strong By capturing public an Audit Quality Oversight tone from the top and a Every market is different, expectations of us and Board (AQOB). Each of the supportive culture, which we and the summits are a great adapting to change, we work seven divisions in Japan has will continue to build on in the opportunity to discuss to deliver our social mission also established an Audit months and years ahead. particular ways to improve as an audit organization. Quality Control Committee Audit Quality: A Globally Sustainable Approach 17

18 Simplification As the world of accounting and auditing which creates additional work not only for becomes more complex, the need for but also for auditors. management, simplification becomes more pronounced. The pace of standard setting — both We are also in the middle of implementing accounting and auditing — continues to new auditor reporting requirements and accelerate and the scope of regulatory expect some significant auditing standards oversight is expanding. New accounting to be issued during the coming year. standards relating to financial instruments, leasing and revenue recognition are Since it takes many years to develop changing the way that certain assets a senior member of an audit team, and transactions are recognized, responding to this level of change Audit Quality: A Globally Sustainable Approach 18

19 Simplification GAM is configurable to bring together the inevitably puts pressures on our resources. “By converting requirements of the auditing standards We need to find ways to save our people and related guidance so that auditors time so that they can be more productive complexity to can obtain a customized version of the in the workplace, while enhancing their methodology to apply to their audits; for knowledge and skills. By simplifying simplicity, we example, different versions for a group the complex as far as possible, we are audit or an individual non-complex entity supporting our teams to carry out better- are supporting audit. Our topic-based GAM includes all quality work. The less time they spend on the requirements of the International basic tasks, the more time they have to our teams to Standards on Auditing (ISAs) and, when focus on higher-risk matters. needed, the additional requirements of carry out better the Public Company Accounting Oversight The simplification of our audit Board (PCAOB) auditing standards. methodology and associated guidance is quality work.” an important component of our strategy Our auditors can use links in EY Canvas to to deliver SAQ. Simplification underpins access GAM, to take them to EY Atlas and efficient and effective audit processes that directly to the part of the methodology that are customized to the requirements of each is relevant in the context of their work. individual engagement. It also supports consistency of processes on audits. For example, if they are trying to document a client’s revenue process in Where we have applied simplification EY Canvas, they can click on a link that comprehensively and vigorously within our network, we have already seen a measurable improvement in audit quality. Case study Simplification Taskforce To maintain our focus on continuous simplification, we have established a How I am providing audit quality Simplification Taskforce. This taskforce consists of practicing auditors from project management capabilities. across the world — a mix of partners, I depend on it to manage my executive directors and senior managers. audits effectively. It is responsible for exploring the processes, forms, RPA and project People are also essential to delivering management approaches that we high-quality audits. EY has a very good use in our audits globally to find people culture. I find it a rewarding better, faster and more efficient environment where my efforts are ways of working. acknowledged and the partners take a keen interest in my career development. We recognize that the more we can The partners also spend time with the standardize, the more we can free up our managers, providing them with on-the- people to focus on the most important job coaching as well as holding career aspects of the audit and execute more discussions with them every quarter. consistently across different locations. Global Audit Methodology Since EY is a global professional Manager, Nadij Panday, Simplification services organization, I am able to draw Johannesburg, South Africa Our Global Audit Methodology (GAM) is on the skills and experiences of people what we use to interpret and apply both right across our international business. the international and domestic audit This enables me to deliver quality When it comes to delivering quality standards that exist in the jurisdictions audit engagements that are of a high audits, effective project management is in which we operate. standard and meet the expectations as important as technical competencies. of all stakeholders. Sound project management means that We simplified GAM in 2015, redesigning audit issues can be identified early in the certain aspects of our methodology and I believe that audit makes an important process and addressed adequately. For changing the manner in which GAM is contribution to the business world and I this reason, it is essential to incorporate presented. We hired external editors to value the experience that I have gained communication with the client into the help us to write more clearly, concisely in the profession. I aspire to become a project management plan. EY Canvas, and consistently and we made greater partner at EY one day. our online audit platform, has excellent use of interactive graphics to display the methodology. Audit Quality: A Globally Sustainable Approach 19

20 methodology a user typically experiences takes them to the appropriate part of the “We have gathered being reduced by more than 50%. methodology that will provide guidance on that activity. feedback from This is beneficial to all our auditors, but particularly those for whom English Topic-based GAM is made even more our practitioner is a second language. Not only does our dynamic by the existence of on-demand revised, topic-based GAM read very “tips” and “examples” that are only community and well, it also translates more easily displayed once an interactive icon has into multiple languages. been clicked. A tip is a helpful suggestion acted on it to to auditors, whereas an example might We have also taken the approaches and be a practical explanation of how an audit refine and methodology from topic-based GAM requirement can be met. This means that Assurance and applied them to our new auditors may first read the requirements improve the Reporting Manual , which supports the new and guidance in the methodology and auditor reporting, and will soon do the then click on the tips and examples when user experience.” Assurance Policy Manual . same with our they need more information. Other than GAM, these two manuals are the biggest auditing knowledge tools We regularly update both GAM and our that our auditors use and they are both associated forms and templates to reflect contained within EY Atlas, along with new standards, emerging auditing issues GAM. They will contain tips and examples, and practical experience, as well as to in the same way that GAM does. respond to internal and external inspection results. Customization As we have developed GAM, we have Our audit methodology includes profiling gathered feedback from our practitioner functionality that means that it can be community and acted on it to refine customized according to the requirements and improve the user experience — for of a particular audit. example, by adding a new topic or better clarifying an existing one. Following its For example, where appropriate, it can revision, GAM is more accessible and be customized according to whether an easier to understand, with the volume of audit is of a complex or a non-complex Case study How I am providing audit quality of the knowledge I have. I must also appreciate the I believe that audit quality also like being able to teach wider context behind it. is about understanding the the people in my team and why and how of what we helping them to grow. What I enjoy most about being are doing. We can follow an auditor with EY is that I procedures, but if we don’t EY is a large organization am always learning — whether understand why we are that offers a wide variety that’s to do with a new client, a following them, then we of career experiences. I new audit or a new accounting won’t uncover the most have found that EY leaders requirement. There’s always important issues. are always willing to listen an opportunity for me to grow. to my interests and they To gain that understanding, support me to seek out new I can’t think of another we need to know our clients’ challenges. I find our new profession where, five years business, their industry and Manager, Rachel Morales, analytics tools particularly in, I would be meeting with the standards they must Houston, US exciting and I am looking CFOs and other directors and abide by. It’s not enough to forward to making even more they would be listening to look at individual transactions use of them in future. what I have to say because or documentation; we Audit Quality: A Globally Sustainable Approach 20

21 Simplification apply audit concepts, along with related entity, or whether it’s a listed audit or a guidance and tools. group audit. It can also be customized to Our leaders say... display methodology relating to the PCAOB A significant advantage of using coaching auditing standards, which apply to US listed “It is easy to design a kits is that the training is highly relevant to companies. The result is that we have a process that is complex. the specific audit that the team is working number of different audit approaches To simplify a process with on, rather than simply being generic that share a single methodology. classroom education. Auditors at all complex requirements Application of methodology levels participate in this coaching. takes a great deal of It is not just the audit methodology itself effort and skill.” Coaching kit topics address issues that we that matters; equally important is how we have observed in our internal and external apply it. That is why we have built smart Bob Landwehr, Deputy Director, inspections. Current global kits include: forms directly into EY Canvas. These Global Professional Practice, EY forms offer two-way interaction, bringing _ Performing high-quality audits _ data from EY Canvas and guidance from Identifying and responding to the risk of _ _ GAM into the form on demand. They help material misstatement due to fraud our teams to complete the requirements Auditing estimates: evaluating available _ _ stipulated by the methodology more information and applying professional quickly, more easily, or both. skepticism _ _ Designing substantive procedures to The principal smart forms that are now extend interim audit conclusions to built into EY Canvas were previously Excel year-end forms containing programming features Designing effective substantive _ _ that could extract certain data from EY analytical procedures Canvas. These forms are: Journal entry testing procedures _ _ We are continually updating our coaching UTB, which is used to document our _ _ kits and expanding the topics that the kits understanding of the business and cover. The next series includes: identify risks of material misstatement Testing and using IPE (information _ SCOTS, which is used to document _ _ _ a significant class of transactions, produced by the entity) e.g., the revenue process IT integration _ _ _ Estimates, which is used to document _ _ Evaluating and testing management’s _ review controls a process management uses to make accounting estimates — for example, _ Scoping a group audit _ fair value of financial instruments _ Assessing the completeness of our _ documentation and finalizing our Over time, we will build more of our work papers forms into EY Canvas, with the aim of Case for consistency making our audit documentation as electronic and paperless as possible. The more consistency we can achieve, This will mean that our auditors can and the more transportable our audit more easily and effectively apply the processes are, the easier the coaching requirements of the auditing standards and training of our people becomes, and our methodology. since they can work in a similar way on each audit that they are assigned to. “We will build Coaching kits This, in turn, helps them to do a better job because they will be able to immerse We use coaching kits to further support more of our forms themselves in the most important areas the application of our audit methodology. of the audit more quickly. A coaching kit is a guidance pack that is into EY Canvas, designed to help members of an audit team to coach themselves on a particular topic making our audit and transform knowledge into practice. documentation Normally, a team will meet for a few hours to upskill themselves using the content of as electronic the coaching kit. Within each kit is a series of exercises that help team members to and paperless use the facts and circumstances of their engagement to better understand and as possible.” Audit Quality: A Globally Sustainable Approach 21

22 Audit technology and digital greater emphasis on risk identification data analytics, artificial intelligence EY’s audits are powered by leading-edge and gives our people the opportunity (AI), blockchain, drones and robotic digital technology. That’s because we to demonstrate an increased level of process automation (RPA). understand that by integrating the latest professional skepticism. A recent survey technologies into our audit processes, found that EY Canvas and EY Helix help For example, by embedding AI into we are able to deliver high-quality audits our audit teams to better understand our approach we have developed the that are agile, efficient and insightful, their clients, better understand risk EY Lease Reviewer, which extracts while meeting both our expectations and and deliver better audits overall. information from lease contracts using the evolving needs of everyone involved — statistical and basic text analysis. The businesses, regulators and investors. Our Statutory Audit Center of Excellence technology allows teams to start grouping helps us to develop tools that exploit contracts together based on words and We want to give our auditors the best digital technology — for example, the phrases used, which can then be analyzed possible tools to use in their work, which Group Scope Analyzer that is one of more effectively. This improves quality is why we are continually enhancing our EY Helix Analyzers. This center and efficiency by supporting smarter and upgrading our three foundational provides coordination and support for management of non-routine transactions audit tools: EY Canvas, our global teams working on the statutory audits and processes by our teams. online audit platform; EY Helix, our of large clients, or clients that have suite of data analytics; and EY Atlas, a considerable number of statutory We have developed an analytics-driven our cloud-based knowledge platform entities. It presently serves 30 of our audit approach. We believe in using that delivers the latest accounting and largest clients, but we plan to expand technology to its fullest potential to auditing content. We are also investing in it to serve 500 clients by 2020. deliver a high-quality audit that puts emerging technologies such as advanced Audit Quality: A Globally Sustainable Approach 22

23 Audit technology and digital enhances quality and performance Our enhanced global by enabling our teams to better align audit platform Our leaders say... the significant risks identified with the procedures that address those risks. “Our analytics-driven EY Canvas This helps them to better tailor audit audit is designed from the procedures to the specific characteristics Our root-cause analysis shows us that the bottom up to ensure our of the entity being audited and, as the better the audit process, and the better workflow is streamlined, it improves the the project management of an audit, the auditors derive the right overall project management. more the auditors can focus on the most audit conclusions and important elements of an engagement, deliver a high-quality Project management is further boosted such as risk. We have developed our audit opinion.” by EY Canvas’s Milestones program. global audit platform, EY Canvas, to Milestones are assigned to important help our auditors focus on risks and our Alan Young, EY Global Assurance tasks, allowing teams to track and report responses to those risks. Fundamentally, Analytics Leader on progress in completing those tasks. EY Canvas helps auditors spend less time At a high level, senior management can on the administration of an audit and have visibility of how teams are delivering more time on the areas that matter most. against their milestones right across the audit practice. We commenced deployment of EY Canvas in May 2015 and have regularly upgraded As the platform can be configured it since, introducing new features and to the specific characteristics of any functionality. The platform is now being organization, our teams can quickly used on more than 140,000 engagements three mobile apps that help to save our customize how they approach the audit, across 140 countries. people and clients time and deliver a and can have the latest and most relevant more efficient experience: information, such as industry-specific EY Canvas helps us to communicate a tasks, delivered directly to them. centralized plan to participating teams helps us keep the EY Canvas Engage across the globe, as well as the day- audit moving and meet deadlines by EY Canvas is designed to allow us to to-day tracking and management of displaying the actions required on an adapt and evolve our software as we the execution of audit work. We better engagement. Its user-friendly display enhance the functionality and respond to connect our teams with the companies allows our people to instantly view their changes in the accounting profession and we serve by providing real-time status specific tasks and focus on those. For regulatory environment. This means that, updates on audit processes and those team members who are traveling as the regulatory environment changes issues, regardless of location. Greater or in various locations, it is a great way and new guidance becomes available, transparency allows us to capture, for them to review documents on the relevant updates will also be delivered to flag and share global audit findings move. It also saves our clients time in teams through EY Canvas in real time. as they arise. supporting the audit, since the camera feature allows our people to capture We have given careful thought to how With color and visualization used to audit evidence and securely upload it into we can best integrate mobile technology provide a clearer, more comprehensive EY Canvas. This evidence is not stored on with EY Canvas. We have developed overview of the audit plan, EY Canvas the camera rolls of smartphones. allows our people EY Canvas Inventory to record their inventory counts on their mobile device and upload them directly into EY Canvas. EY Canvas Pulse allows our people to provide real-time status updates to their clients on the go, thanks to the instant visibility of engagement status, timelines and team performance. All these apps operate on mobile devices. EY Canvas features a Client Portal, through which clients can communicate with audit teams and see what information the auditors have requested and whether that information has been The EY Canvas apps are available for computers and mobile devices provided. Not only does the portal reduce Audit Quality: A Globally Sustainable Approach 23

24 the amount of email requests that clients receive, it also gives them on-demand Viewpoint visibility into the status of audit requests and greater confidence that their data has been securely delivered to EY. The audit Digital, analytics teams, meanwhile, benefit from the portal because they spend less time chasing and technology information and more time focusing on the important issues relating to the Meanwhile, EY Helix allows analytics audit. This online portal is available in to be embedded in every significant 10 languages. aspect of the audit. Our audit teams tell us that EY Canvas Rather than testing smaller is making the issues identified in the samples, we can now capture, audit more visible and transparent, transform and analyze full allowing faster communication to senior populations of structured and executives in the engagement. This unstructured data using our allows them to address and resolve Hadoop platform. This helps us issues and findings earlier. to explore both the detail and EY Helix the bigger picture. At EY, we take an analytics-driven EY auditors can now deliver a truly approach to audit that allows us to analytics-driven audit. They can deliver better-quality, more client- EY Global Hermann Sidhu, identify more easily where to focus relevant audits and exercise a higher Assurance Digital leader their time, and concentrate on level of professional skepticism. EY auditing rather than the collection Helix, which is our global suite of data of data. With information at their analytics tools, is an integral part of fingertips, auditors’ inquisitiveness our audit, from large engagements EY has invested over half a billion and skepticism are enhanced. to small ones. There are more than dollars in audit technology, and 70,000 instances of our analytics being that investment isn’t stopping. Our RPA also allows us to handle large used across the globe, which gives technology is evolving; it’s growing volumes of data, while reducing our teams the ability to analyze larger exponentially every single day. disruption. It automates routine and volumes of audit-relevant data in order non-judgmental audit procedures to derive insights and a more in-depth As a result, we have been able to streamline previously labor- understanding of our clients’ financial to bring a huge amount of digital intensive processes. close and business operations. innovation to the audit. We have effectively digitalized the Our skilled auditors, using state- EY Helix improves the quality of the end-to-end audit process. This of-the-art technology, are able to audit and delivers extra value by enhances the way we look at risk, bring a new level of insight and revealing unseen patterns and trends in reduces client burden and delivers perspective to the audit and, in turn, our clients’ financial data and identifying operational benefits. to a company’s business operation. trends and anomalies in business processes and controls. By analyzing Our technology — including the Audit and auditor have to larger data populations, we bring EY Canvas audit platform and constantly evolve to fit new new discovery techniques and unique the EY Helix analytics platform — circumstances. Our digital evidence into our audits, enabling our enables us to take a broader look technology makes this possible, auditors to better identify financial at risk and improve the quality and brings out two of the key reporting, fraud and operational of the audit. EY Canvas is the characteristics of an auditor — business risks. It is a much better way of foundation of our technology, with applying appropriate judgment looking at information than traditional companies able to receive real-time and asking better questions. sampling techniques. updates through our Client Portal. An example of where EY Helix provides extra value is in the analysis of settled and unsettled invoices. We can look at sales invoicing activity throughout the year, the impact of credit memos and, ultimately, how the invoices are settled. This gives us a better understanding of both revenue and trade receivables to help focus our audit procedures. We can also glean Audit Quality: A Globally Sustainable Approach 24

25 Audit technology and digital quality audits, because our teams will insights about our clients’ business or have faster, better and more relevant areas for process improvements that Case study research results. we can share. Integrated with EY Canvas, EY Atlas EY Helix is at the heart of the EY audit and How I am provides our teams with the most relevant we’ve embedded analytics-driven audit up-to-date accounting, auditing and programs, giving us end–to-end coverage providing industry information for a client’s audit. of a business’s operating cycles. We have also developed an EY Atlas audit quality Client Edition, which gives clients direct By using these tools and analyzing access to EY technical insights relating larger populations of data, our auditors to accounting, financial reporting and can better understand the business, regulatory filing, as well as thought be better equipped to identify risk, ask leadership matters. better questions about the audit findings and, with their attitude of professional EY Atlas is a cloud-based solution that skepticism, appropriately challenge the provides us with a platform that may outcome. Analytics can be applied from the incorporate artificial intelligence and scoping and planning of an audit through speech recognition capability, bringing to assessing risks and details testing. a leading research experience to our people and clients. We are expanding our analytics platform to include additional analytics such as Emerging technologies predictive analytics, as well as sector-based analytics and risk-based analytics — Audit quality lies at the heart of our such as provision for warranties in the innovation strategy, which is why we are automotive sector and impairment committed to innovating and integrating Nout van Es, Partner, Venlo, analytics. We are also exploring how new technologies into our audit process. Netherlands analytics can be used effectively with The emerging technologies that we are unstructured data, such as social media, exploring include: to find ways of assessing risk in all its EY has been making great strides forms, not just the risks associated 1. Drones in providing us with tools for data with financial information. Drones are unmanned aerial vehicles analytics. On an audit of a large that are piloted remotely. We are retail client, we were looking for EY Atlas assessing how they can be used to a more effective approach to assist with inventory observations and auditing revenue, given the large EY Atlas is our state-of-the-art global how their findings can be integrated volume of individually small accounting and financial reporting with our mobile applications. Drones transactions that were occurring research platform. Enabled for use will analyze inventory quantities in at numerous retail locations. on smartphones and tablets, this real time by reading quick response tool provides our auditors with an (QR), barcode or rack labels and then Historically, our revenue testing integrated, consistent, easy-to-use way feeding this information directly into consisted of performing detail to find information while they are on EY Canvas. testing of individual transactions. the move. It helps us to deliver high- We are now using EY Helix to perform a two–way correlation on revenue — this is specifically aimed at auditing most of the How our audit tools improve quality revenue transactions and the corresponding cash. Cash is _ EY Canvas Facilitates early and active involvement of audit team members _ collected within one month, based (our audit _ _ Offers real-time validation checks on understanding of the business platform) _ Provides a platform for increased practice monitoring and better _ and the review of credit card project management enabled by the Milestones functionality processor agreements. EY Helix Increases our ability to focus on areas of risk, rather than testing _ _ Using EY Helix, we weighed the (our analytics a smaller sample evidence from the correlation platform) _ _ Enhances the ability to detect anomalies and unusual items analysis with that from other Allows auditors to better understand clients’ operations and risks _ _ procedures and from related Improves the relevancy of search results and ability to filter _ _ EY Atlas accounts, and concluded that (our research _ Improves access to desired content using enhanced browse _ we had obtained persuasive platform) functionality audit evidence over the _ _ Provides a single source of technical accounting and occurrence of revenue. auditing content Audit Quality: A Globally Sustainable Approach 25

26 EY Helix Analytics Covering the end-to-end business operating cycle Auditing revenue Key and receivables Sales Auditing inventory General Ledger Analyzer* and cost of goods sold Gross Trade margins receivable Inventory Analyzer Cost Cash of goods receipts Auditing sold Journal entry Purchases and Trade property, testing audit Receivables Analyzer* plant and program equipment Revenue and Trade Cash Inventory Receivables Analyzer* Auditing payroll Trade Payables Analyzer Cash Purchase payments Auditing trade payables and Trade payable related expenses Trade Receivables Analyzer *Version available for entities with large data EY Helix delivers extra value by revealing hidden patterns and trends in our clients’ financial data Audit Quality: A Globally Sustainable Approach 26

27 Audit technology and digital 2. AI and machine learning AI involves the use of computing Viewpoint systems that exhibit some form of human intelligence. We are investigating how AI can be used in the A time of change audit process and within our research capability. We are also investigating will include more data scientists the digitization of large volumes of and engineers). We see these unstructured contract data and, for as short- or medium-term example, incorporating machine developments. learning to assist with revenue and lease contract reviews. Longer-term predictions are harder to make. There will be 3. RPA cases of “disruptive innovation” Enhanced automation has been a key where new technologies lead to component in the development of new business models, markets EY Canvas and EY Helix, allowing us and solutions. to further improve audit efficiency through the incorporation of RPA. Over time, this will change the EY has formed an Automation audit experience. It will enable Center of Excellence, a dedicated audit teams to have access to team of highly qualified automation EY Global Jeanne Boillet, data to perform reviews of full engineers and process consultants, to Assurance Innovation Leader transactions rather than just enhance the RPA opportunity across samples, and to move to more the organization. We are currently continuous auditing, bringing introducing RPA across various greater insight and efficiency. platforms. Projects include: EY has made, and will continue to make, significant investment _ _ Transforming our audits of funds In fact, the biggest challenge in technology and innovation. in the financial services sector goes beyond technology; it is We see the development of new through automation about change management and audit tools as just the start, _ _ Automating the production of allowing our teams to make the and we are creating a culture audit-ready work papers across the best use of what has already based on sustained innovation. portfolio of statutory audits of our been developed. We believe innovation is key to largest clients quality and vice versa. _ _ Developing discrete RPA objects That is why we have created to help automate routine and work streams examining what By harnessing new technology non-judgemental audit procedures, is in store, covering advanced and innovative approaches, we such as loading client data to our analytics, RPA, cognitive provide higher-quality audits and analytical tools and sampling intelligence and blockchain. a better service to our clients. Innovation workshops on our largest _ _ We reinforce the change These technologies, if applied clients to identify routine audit management dimension through thoughtfully and effectively, will procedures that can be automated coaching sessions and the improve quality, reduce risk and development of concepts such enhance confidence. 4. Blockchain as client innovation workshops. A blockchain is a distributed database These will all help to develop The direction of travel for that maintains a continuously growing our future plans. Assurance professionals is clear. list of data records (public and private) There will be greater automation, put together in encrypted blocks. We There is a long journey ahead. It more use of analytics, a broader are working across the organization may occasionally be bumpy, but approach to risk and a different on helping our clients to understand it will be an exciting ride. profile for the audit team (which the impact of blockchain, assessing the audit impact of blockchains and developing new techniques to audit a blockchain. Audit Quality: A Globally Sustainable Approach 27

28 Accountability, enablement and quality support The drive for better-quality audits is a At EY, we see accountability and collective endeavor on the part of the enablement as critical drivers of entire global audit profession. This means audit quality. Accountability is about that we do not just want to inspire our professional pride and individuals taking own teams, we also want to inspire every ownership of their work — as an auditor, auditor in every member firm across the you are accountable not just to yourself, world. As a result, we are challenging our but to your team, the organization, people to become role models, to think and our stakeholders. We reinforce the proactively about how they can inspire importance of accountability through our those around them, and to embed quality SAQ program, our quality ratings and our within their DNA. partners’ performance evaluations. From the conversations that we have with Enablement is about giving our teams the our clients and with regulators, we know resources they need to deliver high-quality that that our commitment to audit quality audits. Those resources encompass our is visible and we also know that it is having technological tools, such as EY Canvas, an impact on outcomes. We are on course EY Helix and the Client Portal, as well as a to achieve the target set by IFIAR of a 25% network of experienced professionals, the “We know that our reduction in “deficient audits” — these are QELs around the globe. audits that have at least one significant commitment to inspection finding — by the time of the Our QELs provide on-the-ground support 2019 IFIAR Survey. and mentorship to our teams, helping audit quality is them to set and achieve high standards In fact, we have set ourselves an internal and providing additional assistance as and visible and that it target that is more aggressive. It is our when it is needed. We are also enabling long-term aim that the percentage of our our teams to work more efficiently by is having an impact audits globally that produce an inspection simplifying and streamlining our audit on outcomes.” finding will be in the single digits, while we methodology and associated guidance. Audit Quality: A Globally Sustainable Approach 28

29 Accountability, enablement and quality support foundation and the pillars of a new will also have achieved a cumulative 10% approach to quality. Now we are building improvement in the results of both internal Our leaders say... on those foundations and pillars to take and external audit inspections. our commitment to quality to an even “Systems and structures Measuring audit quality higher level. alone cannot guarantee While audit quality is subjective to a continuous improvement. Accountability framework certain extent, it can also be assessed Our purpose requires a using some objective measures. For EY, We have also established a framework for mindset and a culture these objective measures include our evaluating the leaders who are responsible inspection results — both through external for audit within the global EY Regions, of both personal and regulators and our own internal Audit so they can be assessed in a consistent collective responsibility.” Quality Review (AQR) program — and manner and rewarded based on quality. the results of our coaching activities, our This means that we have both global and Jay Paulson, EY Global Quality performance in terms of the timeliness local accountability in our framework for Enablement Leader of the audit, and the competencies and audit quality. experience of our teams. Consistency and governance We strive to measure our performance on Good governance drives consistency quality wherever possible, to analyze any in audit quality across our network. quality challenges and to take corrective For this reason, we have created the action. Quality is central to our offering GAQC to make sure we consider the as auditors. It is our brand. It is also a most important matters relating to reflection of our function, which is to practices, skill levels and resources where audit quality, including lessons learned, serve the public interest at the highest necessary. We understand the importance policy and strategy. The committee’s possible level. of supporting our people, who often work remit is to monitor quality and drive in stressful and demanding environments. our efforts globally, highlight leading Leading companies and their audit It’s crucial that we monitor audit quality practices and identify and address committees are making quality a key and have open discussions when there emerging quality issues. factor when choosing an auditor. Tenders has been a problem. require evidence of quality levels, and The GAQC, which meets around six companies are specifically hiring or not Our QEL network is a group of senior times a year, consists of senior global hiring because of quality considerations. Assurance leaders who take action to Assurance leaders, as well as the drive audit quality by providing hands-on Area Professional Practice Directors, However, the premier driver for our support to engagement teams. They are Area QELs and a representative from SAQ program is our professional duty some of our best, most talented people. our public policy team. Together, this and pride. As auditors, we want to be Present in every Region, and increasingly committee collaborates to develop, as good as we can be. The systems of within different locations within each maintain and oversee key SAQ initiatives. accountability and enablement that we Region, their responsibilities include have established are helping to achieve coaching teams; supporting internal and The audit leaders also meet with EY’s this goal. external inspections; evaluating significant independent non-executives on a regular audit deficiencies through root-cause basis, and quality is an item on the Reward and recognition analysis; and helping provide additional agenda every time the Global Executive support to teams due to changes in meets. Our Global Vice Chair Professional Although EY has always been focused demands on engagements. Practice discusses quality with our Global on audit quality, we recognize that our CEO on a regular basis. stakeholders’ expectations of, and reliance Professional Practice on, the work we do is increasing all the We also have an EY IFIAR subcommittee, time. So the performance of our audit Our Professional Practice group is which meets on a monthly basis. It brings leaders is measured and rewarded with responsible for monitoring, controlling and together leading practices and current this in mind. Quality is a significant factor enhancing the quality of our Assurance developments on audit quality from the in an audit leader’s overall evaluation. practices. It also provides thought nine countries that are members of the leadership and guidance on accounting, IFIAR Global Audit Quality Working Group We have been measuring our partners’ auditing, financial reporting, regulatory (Australia, Canada, France, Germany, performance against a range of criteria, matters and other technical and risk Japan, the Netherlands, Singapore, including external inspection results, our matters to our audit teams, the entities the UK and the US) in a collaborative, own audit quality reviews, embracing SAQ we audit and other stakeholders. constructive and transparent way. initiatives, compliance with assurance and risk management policies, commitment to Professional Practice is responsible for Enablement, quality support consultation, setting the tone at the top, and responding to proposals from standard and monitoring attendance at mandatory training events. setters, writing guidance on new standards and dealing with any challenges Across EY, there are systems and When we first embarked on our SAQ of deployment. It also oversees our structures in place to help analyze program in 2015, we crafted the internal inspections processes, including our audit quality and improve working Audit Quality: A Globally Sustainable Approach 29

30 AQR, engagement quality reviews and pre- issuance reviews — as well as liaising with Viewpoint regulators on external inspections. Professional Practice is an important part Being better of our assurance quality infrastructure, and works closely with the audit leadership an area in which we will never on any areas of challenge. be complacent. Inspection results We are proud of the framework that EY’s internal and external inspection we have built in support of quality — findings globally are showing a framework that monitors our improvement. Nevertheless, we will not performance, supports engagement allow ourselves to plateau, because the teams and encourages ever-higher bar is being raised higher all the time. quality levels. We have a GAQC that We know that we must continue to drive oversees audit quality globally, a both qualitative improvement (relating network of QELs to help us with to the nature of audit deficiencies) and local and global implementation quantitative improvement (relating to and monitoring of our initiatives, the number of audit deficiencies). an accountability framework, and powerful technological tools such as Each year, the EY network conducts the Jay Paulson , EY Global Quality EY Canvas, which has its own, highly AQR program as an important element of Enablement Leader regarded, project management assessing our system of quality control. tools and client portal. This includes work at the member firm, regional and Global level consistent with But systems and structures alone the requirements of the International Quality is the very fabric that makes cannot guarantee continuous Standard on Quality Control 1 (ISQC-1). every successful organization. At improvement. Our purpose requires EY, we are passionate about quality a mindset and a culture of both The engagements reviewed each year are and recognize that it has to be personal and collective responsibility. selected on a risk-based approach, including embedded within our DNA. Not only At EY, we are all accountable for consideration of audits that are large, are we accountable for what we SAQ. Every leader, every executive, complex or of significant public interest. do, we are also committed to going every professional and every trainee The AQR program includes detailed, risk- beyond what is expected within the in each member firm has a duty and focused reviews covering a large sample audit profession more broadly. responsibility to provide high-quality of listed and non-listed audit engagements work. It is one of the strongest to measure compliance with internal We believe that when our people go markers that sets us apart. policies and procedures, EY’s Global Audit to work, they should ask themselves Methodology and relevant professional the question: how can I make a I see on a daily basis the commitment standards and regulatory requirements. positive difference today? and knowledge of EY’s auditors and support teams. They have a passion AQR reviewers and team leaders are At EY, we expect continuous for what they do and take great pride selected for their knowledge and improvement in our audits and in their audits. It is not just EY’s work; professional competence in accounting from our auditors. We desire to it is their own personal work. and auditing, as well as their industry be better tomorrow compared to specialization. They often work on the where we are today. I know from We always seek to be better. We Global AQR program for a number of years our inspection results, and from learn from every audit and put what and are highly skilled. Team leaders and the conversations that I have we learn into practice. In doing so, reviewers are assigned to inspections had with our teams, clients and I believe we make a difference to the outside of their home location and are regulators, that this improvement investing community and to society independent of the audit teams reviewed. is happening. We still have much as a whole. more to do, however. Quality is The results of the AQR process are summarized globally (including for Areas and Regions), along with any key areas where the results tell us that continued improvements are required. This information, along with remediation and improvement plans, is presented to the Global Executive; Global Assurance, Global PPD and Global Risk Management Executives; and others. Audit Quality: A Globally Sustainable Approach 30

31 Accountability, enablement and quality support _ _ External and internal inspection results Overall, we have concluded that our systems our inspection results and to help us _ Milestone performance _ of quality control meet the requirements avoid any recurring issues. In 2016, _ People surveys _ of ISQC-1. However, we recognize that we we devoted 20,000 professional hours _ _ Staff retention at manager and must continue our efforts to improve the globally to root-cause analysis. This is an senior level quality of audit work globally. in-depth assessment of audits that serves Transparency International’s _ _ to identify the root causes contributing Corruption Perceptions Index Coaching to the audit achieving either a positive or for the country in which the negative outcome in an inspection. We have a variety of coaching programs to audit is taking place assist our teams in the more challenging _ _ Utilization ratios We then carry out deep dives on our areas of our audits. Our AQR program also findings and undertake correlation analysis. provides a level of learning for our teams. Continuous improvement By combining all of this research, we better understand the drivers behind both positive Audits that have undergone coaching have At EY, we are committed to continuous and negative inspection outcomes, allowing shown improved post-issuance inspection improvement, and we provide an us to take remedial action where necessary. results. We therefore believe our coaching environment in which our auditors can program is an important component in our thrive. We recruit, develop and retain Audit quality indicators drive to improve audit quality. the right people, embrace innovation, encourage simplification and monitor We have developed audit quality indicators The program provides timely and important closely what we do. that give us forewarning on where we feedback, benefiting not only the individual may need to intervene if quality appears audit reviewed, but also other audits. It Our aim is to exceed regulatory to be slipping. Audits are scored on a offers valuable coaching for our teams benchmarks and produce audits of the basis of individual indicators and also on and allows for appropriate adjustments highest quality. Continuous improvement a basis of all indicators being combined to be made, where necessary, before we is critical to the way we operate, and to give a cumulative score. Examples of issue the audit reports. We also believe quality is the key to our culture. these indicators include: that coaching provides EY with important information that can be used more broadly for the benefit of all our audit teams. Case study Milestones Timing is critical to the execution of a How I am providing audit quality quality audit. We have seen a positive correlation between teams that have excellence on the audit year-round. produced strong quality results and those With very simple steps, we can focus that are disciplined in completing the on continuous improvement to phases of the audit at the appropriate transform the audit process, helping time. EY has established a Milestones our clients see the value in our work, project management program in which improve our efficiency, and bring our teams establish goals early on in the even greater levels of job satisfaction audit cycle for when they will complete to our people. stages such as planning, internal control evaluation, interim audit work and other We were very upfront with the client key efforts. about what Milestones meant and the level of commitment we were holding Milestones is empowered by EY Canvas, ourselves and them to (in terms so it will allow assurance leadership, of due dates, deliverables, etc.). Professional Practice and QELs to see Management appreciated that we when the different phases of the work Arthur Marshall, Partner, Boston, US were starting to approach the audit have been completed. It also drives further as a more continuous process. They consistency across the network. welcomed the enhanced project management and worked alongside us We have also introduced the EY Client On one engagement, we were looking throughout the year to make sure we Portal. This will allow for centralized for ways to enhance the audit had what we needed when we needed tracking of audit deliverables and process from both the EY and the it. With this increased transparency, provide senior management and audit client perspective, and as a team we were not only able to deliver on executives with a better mechanism to we made a strong commitment to time, it also helped the team identify track progress. It promotes collaboration implementing Milestones. out-of-scope items in a more timely and mutual accountability. way than in prior years, which resulted Milestones is a sure way to set up Root-cause analysis in fewer surprises and enhanced our effective project management on your focus on key areas. engagement and to live out execution We use a range of tools to gain a deeper understanding of the factors that drive Audit Quality: A Globally Sustainable Approach 31

32 EY | Assurance | Tax | Transactions | Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. © 201 7 EYGM Limited. All Rights Reserved. EYG no: 04826-173GBL ED 0918 In line with EY’s commitment to minimize its impact on the environment, this document has been printed on paper with a high recycled content. This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice . The views of third parties set out in this publication are not necessarily the views of the global EY organization or its member firms. Moreover, they should be seen in the context of the time they were made. EMEIA Marketing Agency ey.com www.ey.com/assurance 

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E E q u i t t y , s o c c i a l d e e t e r m m i n a n t t s a n d d p u b b l ic Th Th is is b b oo oo k k wa wa s s co co mm d is is si si on on ed ed b b y y th th e e De De pa pa rt rt me me nt n...

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An Introduction to Computer Networks

An Introduction to Computer Networks

An Introduction to Computer Networks Release 1.9.18 Peter L Dordal Mar 31, 2019

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