Ernst & Young
Introduction to Ernst & Young
The Ernst & Young is one of the largest professional services firms around the world as one of the Bid-4 firms in conjunction with Deloitte, KPMG, and PricewaterhouseCoopers. Ernst & Young is an international organization of member firms in about 140 countries, with headquarters in London, UK. Besides, the firm was ranked as the 9th largest private company in US by Forbes magazine.
The firm aims at assisting its clients in all types of business activities like audit, corporate finance, tax, transactions, e-security, and enterprise risk management. The firm has its offices in about 130 countries with a total of 77,000 employees. Also, the firm features the largest tax consulting practice in the US. Also, it was rated as the best accounting firm by the US accounting professors in 2001.
Ernst and Young, the name
The firm obtained its name from the global merger between Ernst & Whinney and Arthur Young in 1989 with the motto of the firm lying in “Quality in Everything We Do”.
With globalization at its peak, Ernst and Young have managed to expand its business in over 140 countries globally and has managed quite well to keep up to its motto, “Quality in Everything We Do” and also to its customer and client expectations. Following similar financial strategies all over the world, Ernst and Young has managed to remain on the top ten lists of audit companies in the fourth position for two years in a row. Having over hundreds of professionals working worldwide from Ernst and Young, there is a basic mindset and set of policies followed by one and all in the firm to maintain their standard.
With current market fluctuating every now and then, Ernst and Young strive hard to provide the best and the most effective means of advisory and the best audit, tax, strategic growth service available to its clients in several industries like consumer product, government and public sector, financial services, technology, telecommunication, private equity and other industry sectors.
Globalisation of Ernst and Young
The American Ernst and Young was formed in 2006, while EMEIA or Europe, Middle East, India and Africa was put together in 2008. Asia Pacific was recently incorporated in 2010 along with Japan.
Corporate responsibility is important to every company and at Ernst and Young the company focuses on four important pillars namely, community engagement, education, entrepreneurship and environmental sustainability. The focus on these four aspects can create a greater awareness among the company and society in general.
Ernst & Young (EY) is one of the most wide-reaching member firms of the Big-4. Ernst & Young sets international standards and oversees global policy and consistency of service, with client work being performed by the member firms. Every individual EY member country is structured as part of one of four areas – EMEIA (Europe, Middle East, India, and Africa), Americas, Asia-Pacific, and Japan.
Each of these areas possesses an identical business structure and one management team that is run by an Area Managing Partner is part of the Global Executive Board. The basic aim of this structure is to successfully cater for increasingly global clients, with multinational interests.
There are generally four main service lines proffered by the Ernst & Young. These include:
- Assurance comprising of Financial Audit, Fraud Investigation & Dispute Services, and Climate Change and Sustainability Services.
- Advisory services including four subservice lines – Actuarial, Risk, IT risk and assurance, and performance improvement.
- Tax services consisting of Business Tax Compliance, Customs, Human Capital, Indirect Tax, Tax Accounting & Risk Advisory Services, International Tax Services, and Transaction Tax.
Transaction Advisory Services dealing with the capital agenda of companies thereby preserving, investing, optimizing, and raising capital.
Awards and Recognition
In 2010, Ernst and Young were ranked by Forbes magazine as the ninth largest private company is the United States.
Ernst and Young have received Top Business Award from P&G.
Ernst and Young have received the Most Admired Knowledge enterprise, Teleos, in Hong Kong in 2010.
Ernst and Young have received the CFO Awards in Australia in 2009 as the Best Accountancy firm of the year award.