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Ernst & Young Global

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Ernst & Young Global
NameErnst & Young Global
TypeLimited liability partnership
IndustryProfessional services
PredecessorArthur Young & Co., Ernst & Whinney
Founded0 1989
FounderArthur Young, Alwin C. Ernst
Hq locationLondon, United Kingdom
Area servedWorldwide
Key peopleCarmine Di Sibio (Global Chairman & CEO)
ProductsAssurance, Tax advisory, Consulting, Strategy and Transactions
RevenueUS$49.4 billion (FY 2023)
Num employees395,000 (2023)

Erst & Young Global, commonly known as EY, is a multinational professional services partnership headquartered in London. It is one of the largest professional services networks in the world and is considered a member of the Big Four, alongside Deloitte, PwC, and KPMG. The organization provides assurance, tax advisory, consulting, and strategy and transactions services to a vast array of clients, including major corporations and governments.

History

The firm's origins trace back to separate founding entities in the late 19th and early 20th centuries, including Arthur Young & Co. founded in Chicago in 1906 by Arthur Young and the firm founded by Alwin C. Ernst in Cleveland in 1903 as Ernst & Ernst. In 1979, the British firm Whinney Murray & Co. merged with Ernst & Ernst to form Ernst & Whinney. A decade later, in 1989, Ernst & Whinney merged with Arthur Young & Co. to create the modern entity, a pivotal event in the consolidation of the accounting industry. Throughout the 1990s and 2000s, the firm expanded significantly through strategic acquisitions, such as the consulting arm of Capgemini in 2000, and navigated the regulatory aftermath of major scandals including the collapse of Enron and the passage of the Sarbanes–Oxley Act.

Organization and structure

Ernst & Young Global operates as a Swiss Verein, a legal structure that coordinates a global network of independent member firms. The global organization is led by a Global Executive team, with the Global Chairman & CEO elected by the Global Executive Council. Governance is provided by the Global Board, which includes representatives from major geographic areas and service lines. The network is organized into four primary service lines: Assurance, Tax, Consulting, and Strategy and Transactions (SaT), each led by a global managing partner. Key leadership positions have been held by figures such as Mark Weinberger and Jim Turley.

Services

The firm's assurance services encompass financial audit, climate change and sustainability services, and financial accounting advisory services (FAAS). Its tax advisory practice handles corporate tax, international tax services, indirect tax, and human capital consulting. The consulting division offers services in technology consulting, including SAP and Oracle implementations, risk consulting, and cybersecurity. The strategy and transactions group provides mergers and acquisitions advice, valuation services, and corporate finance support, advising on major deals across industries like technology, financial services, and healthcare.

Global operations and member firms

The network comprises hundreds of member firms in over 150 countries, with major operations in the Americas, EMEA (Europe, the Middle East, and Africa), and the Asia-Pacific region. Significant member firms include EY US (formerly Ernst & Young LLP), EY UK, EY Canada, and EY Australia. Key global innovation and research investments are made through the EY wavespace network and the EY Global Delivery Services centers in locations such as India, Poland, and the Philippines. The firm is a consistent leader in market rankings by organizations like Gartner and IDC.

Notable alumni

Many former partners and employees have achieved prominence in business and government. In corporate leadership, alumni include Cathy Engelbert, the first Commissioner of the WNBA and former CEO of Deloitte US; James S. Turley, former Chairman and CEO; and Beth Brooke-Marciniak, former Global Vice Chair. In public service, notable figures are Alex Azar, former United States Secretary of Health and Human Services; Mark Carney, former Governor of the Bank of England and the Bank of Canada; and Nicky Morgan, former UK Secretary of State for Digital, Culture, Media and Sport.

The firm has faced significant legal and regulatory challenges. It paid substantial settlements related to its audit work for collapsed companies such as Lehman Brothers and Wirecard. In 2022, it was fined $100 million by the U.S. Securities and Exchange Commission (SEC) after auditors were found cheating on CPA ethics exams. The firm has also been scrutinized for its role in tax avoidance strategies, including the promotion of the Double Irish with a Dutch sandwich structure for clients like Apple Inc.. Internally, a failed plan to separate its audit and consulting businesses, known as "Project Everest," caused major internal disruption in 2023.

Category:Professional services networks Category:Big Four accounting firms Category:Companies based in London Category:1989 establishments in the United Kingdom