In a Wall Street Journal exclusive last week, journalist Mark Maurer reported that EY has experienced significant losses in its U.S. public-company audit clients, shedding 84 since January 2023 — far more than its Big Four peers.
This loss, partly by design, is aimed at revamping its audit practices and improving audit quality following regulatory findings of increased deficiencies. The firm's audit shortfall rate surged to 46% in 2021, prompting EY to simplify its audit approach and focus on standardizing procedures. As part of its transformation, EY has invested $1 billion over three years to enhance its audit and tax platforms with AI and improve training.
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