EY

EY
Name	Ernst & Young Global Limited
Trade name	EY
Type	Private company limited by guarantee
Industry	Professional services
Founded	1989 (merger)
Headquarters	London, United Kingdom
Key people	See Corporate Governance and Leadership
Services	Assurance, Advisory, Tax, Transaction Advisory Services
Revenue	See Global Operations and Affiliates
Employees	See Global Operations and Affiliates

EY

Ernst & Young Global Limited is a multinational professional services firm providing assurance, tax and consulting services to corporations, financial institutions, governments, and nonprofits. Formed through the merger of legacy firms with origins in the 19th and 20th centuries, the firm is prominent alongside Deloitte, PricewaterhouseCoopers, and KPMG in the network of large accounting and advisory firms. EY operates as a global network of member firms organized by region and service line, serving clients across major financial centers such as New York City, London, Tokyo, Sydney, and Frankfurt.

History

The modern firm traces its lineage to multiple antecedent firms including Ernst & Whinney and Arthur Young & Co. whose histories intersect with the development of professional services in Chicago, London, and New York City. The 1989 merger that created the combined network occurred amid industry consolidation alongside earlier combinations such as the formation of Price Waterhouse and later Arthur Andersen's dissolution following the Enron scandal. During the 1990s and 2000s the firm expanded internationally, entering markets served by legacy firms in India, China, Brazil, South Africa, and Russia. EY’s history includes participation in global standards dialogues with organizations like the International Federation of Accountants and regulatory engagement in jurisdictions governed by institutions such as the Financial Accounting Standards Board and the International Accounting Standards Board.

Services and Business Structure

EY organizes services into principal lines: Assurance, Tax, Advisory, and Transaction Advisory Services. The assurance practice provides financial statement audit work that interacts with regulators such as the Securities and Exchange Commission and audit standard-setters including the Public Company Accounting Oversight Board. The tax practice advises on corporate tax planning, transfer pricing, and cross-border tax controversies involving entities such as OECD and national revenue authorities like the Internal Revenue Service and HM Revenue and Customs. Advisory services cover strategy, risk management, cybersecurity, and digital transformation engagements with clients in sectors represented by Microsoft, SAP, Amazon Web Services, and major banks like JPMorgan Chase and HSBC. Transaction advisory work supports mergers and acquisitions, due diligence, and valuation in deals involving companies such as Shell, BP, Tesla, and private equity firms like Blackstone.

Global Operations and Affiliates

EY is structured as a global network of member firms operating in more than 150 countries and territories, with major regional hubs in Americas, Europe, Middle East, Africa, and Asia-Pacific. The network model resembles that of Deloitte Touche Tohmatsu Limited and PricewaterhouseCoopers International Limited, allowing local firms such as EY Canada, EY Japan, and EY India to operate under a common brand while remaining separate legal entities. The firm’s workforce spans hundreds of thousands of professionals located in financial centers including Singapore, Hong Kong, Zurich, Toronto, and São Paulo. EY maintains alliances and joint ventures with technology partners like Oracle Corporation, Google Cloud, and Salesforce to deliver consulting and cloud transformation projects.

Corporate Governance and Leadership

The global coordinating entity is governed by a board and a global executive team; notable leadership roles include the Global Chairman and Chief Executive Officer and regional country managing partners. Governance mechanisms align member firms with global policies and risk management frameworks, and the organization interfaces with standard-setters such as the International Organization of Securities Commissions and oversight bodies like the European Commission when operating across multiple jurisdictions. EY’s leadership has included figures who engage publicly with forums such as the World Economic Forum and industry groups like the Institute of Chartered Accountants in England and Wales and the American Institute of Certified Public Accountants.

Controversies and Legal Issues

EY has been involved in high-profile matters that intersect with regulatory scrutiny, litigation, and public debate. The firm faced criticism related to audit work on major corporate failures and contested engagements with clients implicated in financial irregularities; similar episodes affected peers like Arthur Andersen and KPMG. EY has been subject to enforcement actions by authorities including the Public Company Accounting Oversight Board and national regulators such as the UK Financial Reporting Council. Legal disputes have involved civil litigation, shareholder derivative suits, and criminal investigations in various jurisdictions, sometimes tied to accounting scandals, tax advisory controversies, or alleged failures in professional standards. The firm has also navigated reputational challenges stemming from whistleblower allegations and media investigations in markets including Australia, India, and the United States.

Corporate Social Responsibility and Sustainability

EY publishes sustainability and corporate responsibility reports aligned with frameworks such as the United Nations Global Compact and the Task Force on Climate-related Financial Disclosures. The firm invests in pro-bono programs supporting NGOs, academic partnerships with institutions like Harvard Business School and London School of Economics, and initiatives to advance diversity and inclusion with organizations such as Catalyst and Out & Equal. EY participates in climate and sustainability advisory services for corporations transitioning under policies influenced by Paris Agreement objectives and engages in skills-building programs tied to workforce development in collaboration with national agencies and multilateral institutions like the World Bank.

Category:Professional services firms