The EY Private
Audit experience
Designed for privateBy seeing the broader picture, EY audit
teams are able to understand yourbusiness better, provide a quality audit
and make recommendations that canhelp you improve and achieve yourorganization’s goals.
Every business owner, CEO or entrepreneur has their own
unique ambition. It may be that the business thrives acrossgenerations, or expanding internationally to accelerate
growth. Or, it could be building trust through compliance, ordisrupting their industry. EY teams have bespoke services andofferings to support private businesses at every stage of theirevolution, such as:• Providing audits and financial close assessments

Introduction
Your ambition is the beating heart of your business. As an owner, CEO or entrepreneur leading a private
or family enterprise, you embrace a passion for your business with a commitment that it flourish andgrow. To unlock the full potential of your ambition in the Transformative Age, you need advisors acrossthe globe who appreciates your owner mindset and can support you as you transform it into real progressand measurable success. Unlock your full potential with help from advisors to the ambitious.
To meet the unique requirements of private businesses,
EY teams have developed a customized audit experience —the EY Private Audit experience. This experience:•Utilizes enhanced tools, technologies and guidance
specifically formulated for private companies

By analyzing the broader picture, EY teams are able tounderstand your business better, provide a quality audit
and make recommendations that support your ambitions.
The EY Private Audit experience consists of five pillars:•Understanding your business•Embraces the benefits of leading-edge technology•

Connecting teams and businesses•

Facilitates deeper insights into your business•

Automating audit procedures and processes•

Analyzing data•

Providing business insights• Providing tax advice for those expanding into new markets,or making succession plans• Preparing for capital raises to spur expansions

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2

The EY Private Audit experience

The EY Private Audit experience3

1Understanding
your business

EY 7 Drivers of Growth
EY audit teams start every audit by understanding yourbusiness and service expectations. One of the ways EYaudit teams can gain this understanding is utilizing theEY 7 Drivers of Growth framework. This framework alsooffers you and your leadership team the chance to leverage
best practices from the world’s leading entrepreneurs andfast-growth businesses.

When you see the world in 7D, what more
could you achieve?
In today’s disruptive world, realizing your ambition
and growing your business is an exciting challenge.
EY teams have a long history of working alongside many

4The EY Private Audit experienceof the world’s most ambitious entrepreneurs to support
them on their journey to market leadership. EY teams havelearned a great deal from these successes and have distilled
those insights to create the EY 7 Drivers of Growth.
Using the wisdom of thousands of high-growthbusinesses — including EY Entrepreneur Of The Year™
winners — the EY 7 Drivers of Growth is a tried, tested andtrusted framework that can support your ability to think
differently about your business and successfully deliver
your growth strategy.
The 7 Drivers can support you to unlock your full potential
and realize your ambition, faster.

The EY Private Audit experience

52Connecting teams
and businesses

3Automating audit
procedures and processes

EY Canvas

EY Canvas Client Portal

Data capture and standardization

The engine that supports the EY Private
Audit experience

The EY Canvas Client Portal connects you directly toEY teams and is the gateway to provide audit supportinformation. Some of its potential benefits are:

EY Smart Automation uses advanced robotic process
automation and artificial intelligence to automate audit
procedures and processes. It supports data centralization,
standardization and automation, which can:EY Canvas and its client portal are central to yourEY Private Audit experience. EY Canvas is the first entirely
online global audit platform in the profession, facilitating a
digitized end-to-end audit process. Hosted on the EY private
cloud, it helps EY teams navigate and drive a highly
integrated and consistent audit across the globe:•

Reduction of email requests and improved meansof communication with you, saving you time when
supporting the audit•

On-demand visibility into the status of audit requests,
improving project management•

Audit instructions are issued and monitored globally
via EY Canvas.

•

Reduced risk of duplicate requests by integrating them
directly into EY Canvas•

Audit files, work papers and audit evidence are stored insecure EY Canvas environments.

•Better security of your data and automated uploading
into EY Canvas, creating confidence that data has been
properly delivered to EY

Totally connected around the world
EY Canvas is a global network that recognizes
a country’s privacy laws and provides leading-edge
data security. It connects you 24/7 with more than
120,000 EY professionals.

6The EY Private Audit experience•Multi-language support, with the online portal available
in 10 languages

DataCanvas Client Portal and data capture•

Allow for data analytics•Reduce your administrative burden•Free up your teams and the EY audit team to focus onareas requiring professional judgment•Enhance your experience

StandardizationAutomation

Ready for data analysis

Centralization

Automation

EY teams can securely capture large volumes ofaudit-relevant company data from your enterprise
resource planning (ERP) systems using scripts.

EY audit teams see advanced robotic process automation
and artificial intelligence as an opportunity to automate
administrative and repetitive tasks, including thosetraditionally executed manually. EY audit teams
support a digital-first approach and leverage the global
connectivity of EY Canvas to leverage automation at anunprecedented scale.

Standardization
With data captured and processed centrally, EY teams
are able to leverage the power of this centralization
to improve the audit model through standardization.
Standardization facilitates a connected data-driven
audit and supports an auditor’s focus on areas requiring
judgment. By this, EY teams can improve the audit andservices provided to you.

The EY Private Audit experience7

4Analyzing data

EY Helix data analyzers
The use of data and analysis is not about additive
procedures or visualizations — it is about taking full orlarge populations of business data and applying a globallyconsistent technology and methodology to analyze that
data. To support this approach, EY teams use EY Helix,
a library of data analyzers, and other advanced andemerging technologies.
EY Helix allows audit teams to transform large data sets,with a global data processing engine capable of handlingmore than one billion lines of data.

EY Helix data analyzer library: available across a wide range of business data
Consolidation level

1. Analyze larger populations of audit-relevant data topresent a fuller picture of your business activities
and to identify the risks that matter2. Clearly identify trends and anomalies in your businessprocesses and controls to support direct inquiries in theright areas
3. Provide relevant feedback and insights during theaudit to support improving your business processes
and controls
4. Provide a more effective audit through insightful
and targeted testing, focusing on the transactions
that matter mostTransaction level

Process level

The EY Helix library of analyzers supports
the audit from risk assessment to execution,
addressing a business’ entire operating cycle.
Sales

Why use data analytics?
Using data analytics can help audit teams to:

Account level

Business operating cycle

Grossmargins

Traditional commercial
company operating cycle
Cost ofgoods
sold

Trade
receivable

Cashreceipts

Journalentries andtransactional
data

Sector-specific operating
cyclesInventory

Financial services operating
cyclesCashCashpayments

PurchaseTradepayableExample: commercial business operating cycle

8The EY Private Audit experience

The EY Private Audit experience

95Providing
business
insights

Recommendations and industry
comparisons
To complement the audit findings and share additional
insights, EY audit teams can use a technology-enabledtoolkit that has access to a proprietary database ofhigh-quality business recommendations. The Management
Recommendations Toolkit assists EY teams in creating
high-quality management recommendations letters forprivate companies.

To complement the audit findings and shareadditional insights, EY audit teams can use
a technology-enabled toolkit that has accessto a proprietary database of high-quality
business recommendations.

10

The EY Private Audit experience

The EY Private Audit experience11

Contacts
Visit ey.com/privateclientservices tofind out more, or get in touch with usat EYPrivateAssurance@eyg.ey.com
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Working across assurance, consulting, law,strategy, tax and transactions, EY teams ask
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EY refers to the global organization, and may refer to one or more,of the member firms of Ernst & Young Global Limited, each ofwhich is a separate legal entity. Ernst & Young Global Limited, a UK
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about our organization, please visit ey.com.

About EY Private
As Advisors to the ambitious™, EY Private professionals possess
the experience and passion to support private businesses andtheir owners in unlocking the full potential of their ambitions.
EY Private teams offer distinct insights born from the long
EY history of working with business owners and entrepreneurs.
These teams support the full spectrum of private enterprises
including private capital managers and investors and the portfolio
businesses they fund, business owners, family businesses,
family offices and entrepreneurs. Visit ey.com/private© 2022 EYGM Limited.
All Rights Reserved.
EYG no. 010660-22Gbl
BMC Agency GA 2360632
ED NoneThis material has been prepared for general informational purposes only andis not intended to be relied upon as accounting, tax, legal or other professional
advice. Please refer to your advisors for specific advice.

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