EY to invest $2bn on improving audit quality after scandals

 EY to invest $2bn on improving audit quality after scandals

EY plans to invest approximately $ 2 billion over the next three years to improve the quality of post-scandal audits, including collapse. German payment group Wirecard A scam that attracted attention last year.

This amount is part of a record $ 10 billion investment plan announced by the accounting firm on Wednesday to fund initiatives such as staff training and improved fraud detection capabilities.

EY, along with its rivals, is under pressure to invest in its business to enhance its auditing process. It didn’t sound an alarm for a scam that defeated Wirecard, a company that had been audited for 10 years. Collapsed FTSE 100 Medical Group NMC Health.

last month EY was fined £ 2.2 million The Financial Reporting Council has severely rebuked the failure to audit the stagecoach of a London-listed carrier.

CEO Carmine Di Sibio said EY will invest $ 2.5 billion in new technologies such as artificial intelligence and machine…

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