Effective 1 July 2020, EY ShinNihon LLC (hereinafter, "EY ShinNihon"; head office: Chiyoda-ku, Tokyo; Chairwoman & CEO: Masami Katakura) will establish a new department for Assurance Innovation to be led by our Chairwoman & CEO. Alongside with this, EY ShinNihon will fortify its Centers of Excellence (CoE), which combine the talent and insights found in three areas of expertise: Operations, Analytics, and Automation. At the same time, EY ShinNihon will establish the AI Lab where it will develop technology for real-time risk identification. Through these initiatives, EY ShinNihon plans to expand the members of Assurance Innovation to a total of 800 by the end of June 2023.
The new department, with its emphasis on strategic and flexible intelligence, will realize "Assurance 4.0" - the future of audit and assurance services - backed by advanced technology, including AI-enabled audit tools. It will also continuously contribute to enhancing audit quality and work efficiency by centralizing specialized audit work requiring high-level IT literacy at CoEs.
Through these initiatives, EY ShinNihon expects to free up time for our over 5,000 audit professionals so that they in turn can be utilized to explore client business issues in greater depth, communicate and maintain open dialogue with clients, and engage in analytical work requiring critical judgement. By doing so, we will continue to contribute to enhancing trust in capital markets and developing a sound and healthy digital society.