I guess I'm not entirely sure where you're coming from with this...sorry.

But....in the semi-auto modes (SP or AP), Exposure Compensation (EC) is the only way to change the EV (ISO staying the same), i.e. if you use + or - EC you will be changing the EV. In manual mode, you will be changing the EV if you change either the shutter speed or aperture without a compensating change of the other parameter.

EC deviates the exposure from the meter's "correct" exposure either by changing the aperture or shutter speed depending upon which mode you are using (SP or AP). EC used in manual mode biases the meter by whatever +/- amount you have set.

In a nutshell, EC changes EV whether it be by an aperture change or shutter speed change.

Edit:

To answer your specific question, yes, changing the shutter speed (by using EC) changes the EV. Also, EC works the same way with the fully auto modes, too.

Alan