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| Ernst & Young US LLP | |
|---|---|
| Name | Ernst & Young US LLP |
| Type | Limited liability partnership |
| Industry | Professional services |
| Founded | 1989 (as Ernst & Young LLP); predecessor firms date to 19th century |
| Headquarters | New York City, New York, United States |
| Area served | Worldwide |
| Services | Assurance, Tax, Advisory, Transaction Advisory Services |
| Num employees | ~60,000 (US) |
| Parent | Ernst & Young Global Limited |
Ernst & Young US LLP is the United States member firm of a global professional services network providing assurance, tax, advisory, and transaction advisory services. The firm operates across major financial centers and professional hubs, serving multinational corporations, private companies, governmental bodies, and nonprofit organizations. It has been a major participant in audits of public companies listed on U.S. exchanges and in consulting engagements across technology, financial services, health care, energy, and consumer sectors.
Ernst & Young US LLP traces its antecedents to 19th and 20th century accounting firms such as Arthur Young & Co. and Ernst & Whinney, which were shaped by developments including the Panic of 1893, the rise of New York Stock Exchange, and regulatory responses exemplified by the Securities Exchange Act of 1934. The 1989 global merger that created the modern network followed trends set by cross-border consolidations like the merger of Deloitte Haskins & Sells and Touche Ross in other markets. Throughout the 1990s and 2000s, the firm expanded services amid regulatory changes prompted by events including the Enron scandal, the enactment of the Sarbanes–Oxley Act of 2002, and high-profile corporate failures such as WorldCom. In the 2010s the firm responded to market shifts driven by Dodd–Frank Wall Street Reform and Consumer Protection Act, technological innovation related to cloud computing and blockchain pilots, and evolving standards from bodies like the Financial Accounting Standards Board and the Public Company Accounting Oversight Board. The firm’s recent history includes engagements in major transactions and restructurings involving companies listed on the New York Stock Exchange, the NASDAQ, and other exchanges, and involvement in industry debates alongside competitors such as PricewaterhouseCoopers, KPMG, and Deloitte.
The firm operates as a limited liability partnership in the United States and as part of the global network organized under Ernst & Young Global Limited. Governance features executive bodies analogous to those of multinational professional services firms, with oversight from a U.S. managing partner and a global chairman, and interaction with regulators including the Public Company Accounting Oversight Board and the Securities and Exchange Commission. Its management structure includes committees for risk management, audit quality, and independence that engage with standard-setters like the International Accounting Standards Board and the Financial Accounting Standards Board. The firm participates in industry organizations such as the American Institute of Certified Public Accountants and engages in dialogues with legislative bodies including the United States Congress. Its corporate governance has been shaped by precedents set by major professional networks and litigated outcomes involving firms like Arthur Andersen.
Ernst & Young US LLP provides a suite of services across assurance, tax, advisory, strategy, and transactions. Assurance services include financial statement audits aligned with Generally Accepted Accounting Principles standards promulgated by the Financial Accounting Standards Board and inspection regimes by the Public Company Accounting Oversight Board. Tax services cover corporate tax, international tax, transfer pricing, and matters related to legislation such as the Tax Cuts and Jobs Act of 2017. Advisory and consulting work spans risk management, cybersecurity, mergers and acquisitions due diligence, valuation, actuarial services, and technology transformation including engagements involving SAP, Oracle Corporation, Microsoft, and Amazon Web Services. Transaction advisory services support clients in private equity deals involving firms like Blackstone Group, The Carlyle Group, and KKR, as well as corporate divestitures and initial public offerings on exchanges like the New York Stock Exchange and NASDAQ.
The firm competes among the Big Four professional services networks and reports revenues and headcount in the context of global peers PricewaterhouseCoopers, Deloitte, and KPMG. Market share in audit and advisory services is influenced by listings on the New York Stock Exchange, cross-border capital flows, merger activity led by investment banks such as Goldman Sachs, Morgan Stanley, and J.P. Morgan Chase, and sectoral growth in areas like technology driven by companies such as Apple Inc., Google (Alphabet), Meta Platforms, and Microsoft Corporation. Financial performance is affected by regulatory enforcement actions from the Securities and Exchange Commission and inspection findings by the Public Company Accounting Oversight Board, as well as global economic cycles, interest-rate policy set by the Federal Reserve System, and corporate tax policy shaped by the United States Congress.
The U.S. member firm has been involved in high-profile regulatory investigations and litigation arising from audit failures, independence questions, and advisory engagements, similar to matters that affected firms such as Arthur Andersen and PricewaterhouseCoopers. Controversies have intersected with cases involving corporations like Lehman Brothers, General Electric, and energy companies, and have prompted scrutiny by the Securities and Exchange Commission, the Department of Justice, and state attorneys general. Legal outcomes have included settlements, fines, and reforms in audit practices influenced by precedents such as the Enron and WorldCom prosecutions. The firm has also navigated disputes concerning tax shelter advice and litigation involving private equity transactions with firms such as Bain Capital and TPG Capital.
The firm has undertaken corporate responsibility programs addressing workforce diversity, equity and inclusion initiatives, pro bono services, and environmental commitments aligned with multilateral frameworks like the Paris Agreement. Diversity efforts reference metrics similar to initiatives promoted by organizations such as the National Urban League, Human Rights Campaign, and Catalyst, and include partnerships with academic institutions like Harvard University, Columbia University, and University of California, Berkeley for recruiting and fellowship programs. Pro bono and social impact projects have involved collaborations with nonprofits and foundations including Bill & Melinda Gates Foundation and Rockefeller Foundation.
Leadership of the U.S. member firm has included managing partners and executives who engage with industry bodies such as the American Institute of Certified Public Accountants, the Public Company Accounting Oversight Board, and legislative hearings before the United States Congress. Senior partners and alumni have moved between the firm and roles at institutions such as Goldman Sachs, Citigroup, ExxonMobil, General Motors, Pfizer, Johnson & Johnson, and public offices including appointments connected to administrations of United States Presidents and regulators like the Internal Revenue Service.