Ernst & Young
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| Ernst & Young | |
|---|---|
 | |
| Name | Ernst & Young |
| Type | Multinational professional services firm |
| Industry | Professional services |
| Founded | 1906 |
| Founder | Arthur Young (accountant), Ernst & Ernst |
| Headquarters | London, United Kingdom |
Ernst & Young is a multinational professional services firm that provides audit, tax, consulting, and financial advisory services to clients across the globe, including Fortune 500 companies like Apple Inc., Microsoft, and Johnson & Johnson. With a history dating back to 1906, the firm has evolved through mergers and acquisitions, including the merger of Arthur Young (accountant)'s firm with Ernst & Ernst in 1989, and has become one of the Big Four accounting firms, along with Deloitte, KPMG, and PricewaterhouseCoopers. The firm has worked with numerous high-profile clients, including Google, Amazon (company), and Facebook, Inc., and has provided services for major events like the Summer Olympics and the FIFA World Cup. The firm's services are utilized by various industries, including healthcare, financial services, and technology, with clients such as IBM, Cisco Systems, and Intel Corporation.
● History
The history of Ernst & Young dates back to 1906, when Arthur Young (accountant) founded Arthur Young & Co. in Chicago, Illinois. In 1906, Ernst & Ernst was founded by Theodore Ernst and Theodore Ernst (brother), and the two firms operated independently until they merged in 1989 to form Ernst & Young. The firm has undergone significant changes over the years, including the acquisition of Capgemini's consulting division in 2000, and the merger with KPMG's consulting division in 2002, which was later dissolved. The firm has also worked with various notable organizations, including the United Nations, the World Bank, and the International Monetary Fund, and has provided services for major events like the G20 summit and the Davos Forum. The firm's history is also marked by its work with prominent individuals, including Bill Gates, Warren Buffett, and Mark Zuckerberg, and its involvement in major projects, such as the Human Genome Project and the International Space Station.
● Services
Ernst & Young provides a wide range of services, including audit and assurance services, tax services, consulting services, and financial advisory services. The firm's audit services include financial statement audit, internal audit, and risk assessment, and are utilized by clients such as ExxonMobil, Procter & Gamble, and Coca-Cola. The firm's tax services include tax planning, tax compliance, and tax controversy, and are used by clients such as General Electric, Ford Motor Company, and AT&T. The firm's consulting services include strategy consulting, operations consulting, and technology consulting, and are provided to clients such as McDonald's, Walmart, and Target Corporation. The firm's financial advisory services include mergers and acquisitions, corporate finance, and restructuring, and are utilized by clients such as Goldman Sachs, Morgan Stanley, and JPMorgan Chase.
● Operations
Ernst & Young operates in over 150 countries, with more than 280,000 employees worldwide, including Africa, Asia, Europe, and the Americas. The firm has a significant presence in major cities, including New York City, London, Tokyo, and Hong Kong, and has worked with various notable organizations, including the European Union, the African Union, and the Association of Southeast Asian Nations. The firm's operations are led by its Global Executive Committee, which includes leaders such as Carmine Di Sibio, Andy Baldwin, and Kate Barton, and has provided services for major events like the Olympic Games and the Commonwealth Games. The firm's operations are also supported by its Global Delivery Network, which includes centers in India, China, and Brazil, and has worked with prominent individuals, including Nelson Mandela, Mahatma Gandhi, and Steve Jobs.
● Controversies
Ernst & Young has been involved in several controversies over the years, including the Enron scandal in 2001, the Lehman Brothers bankruptcy in 2008, and the Panama Papers scandal in 2016. The firm has also faced criticism for its role in the 2008 financial crisis, and has been sued by several clients, including Lehman Brothers and Bernard Madoff, and has been involved in major lawsuits, such as the Enron trial and the WorldCom scandal. The firm has also been criticized for its tax avoidance practices, and has been accused of helping clients avoid paying taxes, including Apple Inc., Google, and Amazon (company), and has been involved in major tax disputes, such as the Apple tax dispute and the Google tax dispute.
● Corporate_affairs
Ernst & Young has a strong commitment to corporate social responsibility, and has launched several initiatives to promote sustainability, diversity and inclusion, and community engagement. The firm has also been recognized for its efforts in promoting women's empowerment, and has been named one of the Best Places to Work for Women by Fortune (magazine), and has worked with various notable organizations, including the United Nations Women, the World Health Organization, and the Bill and Melinda Gates Foundation. The firm's corporate affairs are led by its Global Corporate Responsibility Committee, which includes leaders such as Mark Weinberger, Beth Brooke-Marciniak, and Mike Dillon, and has provided services for major events like the World Economic Forum and the Clinton Global Initiative. The firm's corporate affairs are also supported by its Global Foundation, which provides funding for education, healthcare, and economic development initiatives, and has worked with prominent individuals, including Bill Clinton, Nelson Mandela, and Jimmy Carter.