EY (company)
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| EY (company) | |
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| Name | EY |
| Type | Multinational professional services network |
| Founded | 1989 (via merger) |
| Headquarters | London, United Kingdom; New York City, United States |
| Key people | Carmine Di Sibio (former Global Chairman and CEO), Kelly Grier (former Americas Managing Partner) |
| Revenue | US$40 billion (approx.) |
| Employees | 300,000+ |
| Industry | Professional services, Accounting firms, Management consulting |
EY (company) EY is a multinational professional services network known for auditing, tax, consulting, and advisory services. Headquartered in London with major operations in New York City, the organization operates through a global network of member firms serving clients across industries such as Financial services, Technology, Energy, Healthcare, and Consumer goods. Formed by the merger of major firms, its evolution involves interactions with firms and institutions including Arthur Andersen, Ernst & Whinney, and regulatory bodies like the Securities and Exchange Commission.
History
EY traces its roots to 19th- and 20th-century firms, including entities associated with Arthur Young and Alfred Ernest Fripp-era practices, and subsequent consolidations that paralleled mergers such as Ernst & Whinney and global trends exemplified by the Big Four accounting firms realignments. The 1989 merger created a modern multinational network interacting with events like the Enron scandal aftermath and reforms spurred by the Sarbanes–Oxley Act and oversight from organizations such as the Financial Reporting Council (United Kingdom) and the Public Company Accounting Oversight Board. EY expanded through strategic acquisitions and alliances involving firms active in consulting and Technology services, adapting to regulatory changes prompted by cases such as WorldCom and responding to investigations by agencies including the Department of Justice (United States) and the European Commission.
Corporate structure and governance
EY operates as a network of member firms organized under Ernst & Young Global Limited, with governance mechanisms involving global and regional leadership boards that interact with bodies like the International Auditing and Assurance Standards Board, International Accounting Standards Board, and national regulators such as the Australian Securities and Investments Commission and the Financial Conduct Authority. Executive roles and succession involve leaders who engage with forums including the World Economic Forum and standards setters like IFRS Foundation. Oversight includes engagement with professional associations such as the American Institute of Certified Public Accountants and national institutes like the Institute of Chartered Accountants in England and Wales and governance practices often draw scrutiny from parliaments and legislative committees such as the United States Congress and the European Parliament.
Services and business lines
EY's service portfolio spans assurance and auditing services influenced by standards from the International Federation of Accountants and the International Auditing and Assurance Standards Board, tax advisory services aligned with codes like the OECD guidelines and BEPS initiatives, transaction advisory services engaged in mergers and acquisitions, and consulting services that work with technologies from companies like SAP, Oracle, and Microsoft. EY's advisory work includes risk management, cybersecurity collaborations referencing entities such as NIST, and digital transformation projects associated with platforms from Amazon Web Services, Google Cloud, and Salesforce. Industry teams serve sectors with regulatory oversight by agencies like the Federal Reserve System and standards from organizations such as the International Organization for Standardization.
Financial performance and market position
EY competes with peers such as Deloitte, PricewaterhouseCoopers, and KPMG within the Big Four accounting firms landscape, reporting revenues in the tens of billions of dollars and ranking among the largest professional services networks by headcount and global reach. Market position analyses reference financial metrics compared with public companies listed on exchanges like the New York Stock Exchange and benchmarks from data providers such as Bloomberg and S&P Global. EY's performance is affected by regulatory settlements involving the Securities and Exchange Commission and court decisions in jurisdictions including the United Kingdom and the United States Court of Appeals.
Controversies and legal matters
EY has been involved in high-profile matters linked to clients and events such as the Wirecard scandal, investigations into audit practices following the Carillion collapse and Lehman Brothers-era scrutiny, and legal actions in multiple jurisdictions including cases heard before the High Court of Justice (England and Wales) and the United States District Court. Regulatory fines and enforcement actions have involved authorities like the Financial Conduct Authority, the Public Company Accounting Oversight Board, and national prosecutors such as the Office of the Attorney General (New York). Controversies have prompted parliamentary inquiries by bodies like the House of Commons and legislative scrutiny from the United States Congress.
Corporate social responsibility and sustainability
EY publishes sustainability reports aligned with frameworks such as the Task Force on Climate-related Financial Disclosures, United Nations Global Compact, and the Sustainable Development Goals. The firm has initiatives related to diversity and inclusion that engage with organizations like Catalyst (nonprofit), partnerships with educational institutions including Harvard University and Stanford University for talent development, and pro bono programs coordinating with NGOs such as Oxfam and UNICEF. EY's climate commitments reference collaborations with entities like the Science Based Targets initiative and reporting standards promoted by the IFRS.
Notable clients and global presence
EY serves multinational corporations across sectors including Bank of America, General Electric, Shell, Amazon, and Huawei, operating in markets regulated by authorities like the Monetary Authority of Singapore and the People's Bank of China. The network comprises member firms in countries ranging from United States and United Kingdom to India, Germany, Japan, Brazil, and South Africa, with major offices in cities such as London, New York City, Tokyo, Mumbai, and Frankfurt am Main. EY's client engagements intersect with global initiatives including work with World Bank programs and advisory roles relevant to multinational treaties like the OECD frameworks.
Category:Accounting firms Category:Multinational companies