Ernst & Young - Wikipedia

Ernst & Young Global Limited, doing business as EY, is a multinational professional services network with headquarters in London, England. EY is one of the ... Ernst&Young FromWikipedia,thefreeencyclopedia Jumptonavigation Jumptosearch MultinationalprofessionalservicesnetworkheadquarteredinLondon,England Ernst&YoungGlobalLimitedTradenameEYTypeUKprivatecompanylimitedbyguarantee[1]IndustryProfessionalservicesPredecessorErnst&WhinneyArthurYoung&Co.Founded1989;32 yearsago (1989)(throughmergerofErnst&WhinneyandArthurYoung&Co.;oldestcomponentfrom1849)[2]HeadquartersLondon,England,UK[2]AreaservedWorldwideKeypeopleCarmineDiSibio(Chairman,CEO)[3]ServicesAssuranceTaxAdvisoryDigitalStrategyStrategyConsultingFinancialAdvisoryLegalRevenueUS$40 billion(2021)[4]Numberofemployees312,250(2021)[5]DivisionsAssuranceConsultingStrategyandTransactionsTaxEYPrivateWebsitewww.ey.com Ernst&YoungGlobalLimited,doingbusinessasEY,[6][7]isamultinationalprofessionalservicesnetworkwithheadquartersinLondon,England.[8]EYisoneofthelargestprofessionalservicesnetworksintheworld.[9]AlongwithDeloitte,KPMGandPricewaterhouseCoopers,itisconsideredoneoftheBigFouraccountingfirms.Itprimarilyprovidesassurance(whichincludesfinancialaudit),tax,consultingandadvisoryservicestoitsclients.[10]Likemanyofthelargeraccountingfirmsinrecentyears,[11]EYhasexpandedintomarketsadjacenttoaccounting,includingstrategy,operations,HR,technology,andfinancialservicesconsulting.[12] EYoperatesasanetworkofmemberfirmswhicharestructuredasseparatelegalentitiesinapartnership,whichhas312,250employeesinover700officesinmorethan150countriesaroundtheworld.[13]Thefirm'scurrentpartnershipwasformedin1989byamergeroftwoaccountingfirms;Ernst&WhinneyandArthurYoung&Co.[14]ItwasnamedErnst&YounguntilarebrandingcampaignofficiallychangeditsnametoEYin2013,[15]althoughthisinitialismwasalreadyusedinformallypriortoitssanctioningadoption. In2019,EYwastheseventh-largestprivatelyownedorganizationintheUnitedStates.[16]EYhascontinuouslybeenrankedonFortunemagazine'slistofthe100BestCompaniestoWorkForforthepast21years,longerthananyotheraccountingfirm.[17] Contents 1History 1.1Earlyhistoryandmergers 1.2Laterdevelopments 1.321stCentury:Recenthistory,re-brandingandexpansion 2Globalstructure 3Services 4Logo 5Publicdisputes 5.1Auditpractices 5.2Investmentbanking 5.3Accusationsofsexism 5.4Workingrights 6Corporateaffairsandculture 6.1Sportssponsorship 7Seealso 8References 9Externallinks History[edit] Earlyhistoryandmergers[edit] EYresultedfromseveralmergersofancestorfirmsoverthelastcenturyandahalf,theoldestofwhichwasfoundedin1849,inEngland,asHarding&Pullein.Thatsameyear,thisfirmwasjoinedbyanaccountantnamedFrederickWhinney,who,adecadelater,becameapartner.Afterhissonjoinedthefirm,itwaslaterrenamedWhinney,Smith&Whinney,in1894.[18] In1903,thefirmErnst&ErnstwasfoundedinCleveland,Ohio,byAlwinC.Ernst,andhisbrother,TheodoreErnst.In1906,ArthurYoung&Co.wassetupbyaScotsmanaccountant,ArthurYoung,inChicago.Startingin1924,thesetwoAmericanfirmsbecamealliedwithprominentBritishfirms;YoungwithBroadsPaterson&Co.;andErnstwiththeaforementionedWhinneySmith&Whinney.ThelatterofthesetwomergersspawnedAnglo-AmericanpartnershipErnst&Whinneyin1979,thenthefourthlargestaccountancyfirmintheworld.[18] Adecadelater,in1989,Ernst&Whinneymergedwiththefifthlargestfirmgloballyatthetime,ArthurYoung&Co.,tocreateErnst&Young.[19] Laterdevelopments[edit] InOctober1997,Ernst&YoungannouncedplanstomergeitsglobalpracticeswithprofessionalservicesnetworkKPMG,tocreatethelargestprofessionalservicesorganizationintheworld.TheannouncementcameontheheelsofanannouncedmergerbetweenPriceWaterhouseandCoopers&Lybrandonlyamonthearlier.TheseplansweresoonabandonedinFebruary1998,duetoseveralfactorsrangingfromclientopposition,antitrustissues,costproblems,andtheanticipateddifficultyofmergingthetwodiversefirmsandcultures.[20]ThemergerbetweenPriceWaterhouseandCoopers&Lybrand,however,wentaheadasplanned,creatingPricewaterhouseCoopers.[21] Ernst&Youngexpandeditsconsultingpracticeheavilyduringthe1980sand1990s.Duringthistime,theU.S.SecuritiesandExchangeCommission,andvariousmembersoftheinvestmentcommunity,begantoraiseconcernsaboutapotentialconflictofinterests.Thisconflictwouldbebroughtaboutbyfirmsofferingbothconsultingandauditingservicessimultaneouslytooverlappingclients,acommonpracticeamongthe"BigFive".InMay2000,Ernst&YoungwasthefirstofthosefirmstofullyseparateitsconsultingpracticesviaasaletotheFrenchITservicescompanyCapgeminifor$11 billion,creatingthenewcompanyCapgeminiErnst&Young,whichwaslaterrenamedbacktoCapgemini.[22] 21stCentury:Recenthistory,re-brandingandexpansion[edit] EYofficesinWarsaw,Poland. Ernst&YoungPlazainLosAngeles,California,USA. Ernst&YoungofficeinSandton,Johannesburg,SouthAfrica In2002,Ernst&YoungservicedalargechunkoftheclientspreviouslyworkingwithArthurAndersenaftertheirdownfallinconnectionwiththeEnronscandal,althoughitdidnotengagewithanynewArthurAndersenclientsfromtheUnitedKingdom,China,ortheNetherlands.[23]Fouryearslater,Ernst&YoungbecametheonlymemberoftheBigFourtohavetwomemberfirmsintheUnitedStates,withtheinclusionofMitchell&Titus,LLPin2006,thelargestminority-ownedaccountingfirmintheUnitedStates.[24][25]Mitchell&TitusendeditsmembershipintheEYnetworkeffectiveOctober30,2015.[26] InApril2009,ReutersreportedthatErnst&Young,spurredbytheglobaleconomicdownturn,hadlaunchedacost-savinginitiativeencouragingitsstaffinChinatotake40daysoflow-payleavebetweenthesummerof2009andthesummerof2010.Thosewhoparticipatedgotaproratedsalaryequalto20%ofaregularsalary,plusthebenefitsofafull-timeemployee.TheinitiativeappliedtoemployeesinHongKong,MacauandmainlandChina,wherethefirm'semployeesnumbered8,500intotal.[27]In2010,Ernst&YoungacquiredTerco,theBrazilianmemberfirmofGrantThornton.[28] In2013,thefirmofficiallychangeditsbrandfromErnst&YoungtoEY,andchristenedtheaccompanyingtagline:"Buildingabetterworkingworld".[29][6][7] Alsoin2013,thePopeoftheRomanCatholicchurchhiredEYtohelpreviewVaticanCityState'sfinancesandhelp"verifyandconsult"theinstitution'sadministration,includingthemuseums,postofficeandtax-freedepartmentstore.[30]EYexpandedfurtherandacquiredallofKPMGDenmark'soperationsincludingits150partners,1500employeesand21offices.[31] In2014,EYacquiredglobalstrategyconsultingfirmTheParthenonGroup,gaining350consultantsinitsthen-TransactionAdvisoryServicespracticesothatitcouldprovidein-housestrategyconsultingservicestoitsclients.ThebusinessunithassincebeenrebrandedasEY-Parthenonandisoneofthemostselectivestrategyconsultanciesworldwide.[32] In2015,EYopeneditsfirstglobalSecurityOperationsCentreinThiruvananthapuram,KeralainIndia,andcoincidentallyinvested$20millionover5yearstocombattheincreasingthreatofcybercrimes.[33] In2017EYannounceditwasopeninganexecutivesupportcenterinTucson,AZ,USA,creating125newjobs.[34]Thatsameyear,thecompanyopenedaDigitalSecurityOperationsCenter,locatedinMuscat,Oman,tocovertheEMEIAregionaspartofa$10millioninvestment.[35] In2018,EYopeneda$4.4millionprofessionalservicescenterinLouisville,KY,USA,creating125newjobs,[36]andannounceditwouldopenanIT/techhubinNashville,TN,USA,creating600regionaljobs.[37] Globalstructure[edit] Thefirmisorganizedgeographicallyasfollows:[38] EMEIA:Europe,MiddleEast,IndiaandAfrica Americas Asia-Pacific Eachareahassimilaridenticalbusinessstructureandauniquededicatedmanagementteam,eachledbyanAreaManagingPartnerwhoispartoftheGlobalExecutiveBoard.In2018,thecompanyunderwentatransformationofsomeofitsregionborders,primarilyaunificationofitsCISregion(operatingintheformerSovietUnion)andtheCEEregion(EasternEurope)tocreatetheCESAblock.[39] Services[edit] Overthecourseofitsoperations,EYhastransformeditsbusinessmodelanddiversifieditspoolofofferedservices.OverthecourseofthelastdecadeEYhassubstantiallyaltereditsbusinessapproachtoofferamorecomprehensivescopeofservices.Thisismainlyattributedtoanintensifiedcompetitionintheexistingmarketofprofessionalservices,andcompetitioninnewmarkets:investmentbankingandstrategicconsultancy.Accordingtothelatestpublisheddata,thecompanyhasthefollowingfourmainservicelines:[40] Assurance:comprisesFinancialAudit,FinancialAccountingAdvisoryServices,CCaSS(ClimateChangeandSustainabilityservices)andForensic&IntegrityServices. Tax:TransferPricing,InternationalTaxServices,BusinessTaxCompliance,PeopleAdvisory,GlobalTrade,IndirectTax,TaxAccounting&RiskAdvisoryServices,TaxTechnologyandTransformation,TransactionTax. Consulting:comprisestwosub-servicelines–BusinessConsultingandTechnologyConsulting. StrategyandTransactionsorSaT:dealswithcompanies'capitaltransformation–includingBusinessValuationandEconomics,DueDiligence,RealEstateAdvisory,M&A,Restructuring(financialandoperational),CorporateFinanceStrategy. EYRevenuesbyServiceLine–inUS$millions FY21 FY20 FY19 FY18 FY17 FY16 Assurance 13,567 12,821 12,646 12,534 11,632 11,301 Tax 10,467 9,765 9,460 8,995 8,179 7,751 Consulting 11,135 10,467 10,236 9,621 8,526 7,846 StrategyandTransactions 4,790 4,181 4,052 3,622 3,067 2,728 Total 39,959 37,234 36,394 34,772 31,404 29,626 Logo[edit] TherebrandedEYlogowasunveiledinJuly2013tocoincidewiththefirmchangingitstradingnamefromErnst&YoungtoEY.[41][6][7] Ernst&Younglogo1990-2012 TheEYlogofrom2013to2018 Logo2019toPresent Publicdisputes[edit] Auditpractices[edit] EYhasbeeninaccountingscandals–BankofCreditandCommerceInternational(1991),InformixCorporation(1996),Sybase(1997),Cendant(1998),One.Tel(2001),AOL(2002),HealthSouthCorporation(2003),ChiquitaBrandsInternational(2004),LehmanBrothers(2010),Sino-ForestCorporation(2011),OlympusCorporation(2011),Wirecard(2020)[42]andNMCHealth(2020).[43] In2004,Ernst&Youngwaspunishedforformingalucrativebusinessarrangementwithoneofitsauditclients,PeopleSoft,thuscreatingaconflictofinterest.Asaresult,thefirmwasbarredbytheSECfromacceptinganynewpubliclytradedcompaniesasauditclientsforsixmonths.[44] InApril2004,EquitableLife,aUKlifeassurancecompany,suedEYafternearlycollapsingbutabandonedthecaseinSeptember2005.EYdescribedthecaseas"ascandalouswasteoftime,moneyandresourcesforallconcerned."[45] In2009,EY,theformerauditorsofSonsofGwalia,agreedtoa$125msettlementovertheirroleinthegoldminer'scollapsein2004.FerrierHodgson,thecompany'sadministrator,hadclaimedEYwasnegligentovertheaccountingofgoldanddollarhedgingcontracts.However,EYsaidthattheproposedsettlementwasnotanadmissionofanyliability.[46] FollowingallegationsbytheSecuritiesandExchangeCommissionthatEYhadcommittedaccountingfraudinitsworkauditingthebooksofBallyTotalFitness,EYreachedtwosettlementsin2008,includingafineof$8.5million.[47] EYHongKongresignedfromtheauditofStandardWateronwhenitemergedthatalthoughEYHongKonghadsignedofftheaudit,ithadbeeneffectivelyoutsourcedtotheaffiliateinmainlandChina,whichhadreceived99.98%ofthefee.[48]Thiswasimportantbecauseshareholdershavelessconfidenceinmainlandauditorsandbecauseauditpapersonthemainlandaresubjecttostatesecrecylawsandcanbewithheldfromoutsideregulators.[48]EY'squalityandriskmanagementleader(GreaterChina)eventestifiedintheCourtofFirstInstancethathewasnotsurewhethertherewasaformalagreementcoveringtherelationshipbetweenthetwoEYentities.[48]Thecourtcasein2013cameasUSregulatorsweretakinganinterestinsimilarcasesofaccountingfraudinmainlandChina.[48] InOctober2016,EYsettledwiththeSECbecausetheywereunabletodetectfinancialstatementfraudthatwascommittedbytheWeatherfordtaxdepartment.[49]Weatherfordmisstatedtheirfinancialstatementsbymanipulatingtheincometaxlineitemintheirfinancials.EYwasWeatherford'sindependentauditorswhenthefraudwasperpetrated.[50] InOctober2016,MozillastoppedacceptingWebTrustauditsfromErnst&YoungHongKong[51]duetotheirfailure"todetectmultipleissuestheyshouldhavedetected"duringtheirauditsofWoSign.[52] InFebruary2017,inresponsetoquestionsregardingmisissuedcertificates,SymantecstatedtheywouldnolongeracceptWebTrustauditsfromE&YKoreaandE&YBrazilduetodeficienciesintheseaudits.[53] AccordingtoTheWallStreetJournal,in2019,EYhadauditedWeWorktheoffice-spacecompanythat"nearlycollapsedafterfumblingaplannedinitialpublicoffering".[54] InApril2020,aformerpartnerandwhistleblowerwasawarded$11millionforethicalmisconductbyEYinaDubaigoldauditbythehighcourtinLondon.EYcommentedtheywillappeal.[55] In2020,EYfailedtouncover$2billionthatwasmissingatWirecardAG,aGermanfintechpaymentprocessingcompany.[54]ThisresultedinalawsuitfiledagainstEYinJune2020.[56]AninvestigationbytheGermanParliament,Bundestag,revealedinApril2021thatEY'sauditsofdefunctpaymentsgroupWirecardsufferedfromseriousshortcomingsoveraperiodofyears.[57] EYalsofailedtoidentify$300millionin"fabricatedsales"intheir2020auditoftheacoffeechainLuckinCoffee[54]and$5billionin"undiscloseddebt"atNMCHealthandFinablr.[54] InDecember2021,EYfiledacriminalcomplaintagainstunknownpersonswithMunichprosecutorsrelatingtotheallegedleakofaclassifiedGermanparliamentaryreportrelatingtoitsroleinthecollapseofpaymentsfirm,Wirecard,totheGermannewspaper,Handelsblatt.[58] Investmentbanking[edit] In2009,intheAngloIrishBankhiddenloanscontroversy,EYwascriticisedbypoliticians[59]andtheshareholdersofAngloIrishBankforfailingtodetectlargeloanstoSeanFitzPatrick,itschairman,duringitsaudits.TheIrishGovernmenthadtosubsequentlytakefullownershipoftheBankatacostof€28billion.[60][61]TheIrishCharteredAccountantsRegulatoryBoardappointedJohnPurcelltoinvestigate.[62]EYsaidit"fundamentallydisagreeswiththedecisiontoinitiateaformaldisciplinaryprocess"andthat"therehasbeennoadversefindingmadeagainstEYinrespectoftheauditofAngloIrishBank."[63] In2009,EYagreedtopayUS$200moutofcourttosettleanegligenceclaimbytheliquidatorsofAkaiHoldings.[64]SeparatelythefirmwasaccusedoffalsifyinganddoctoringdocumentsitpresentedtodefendagainstthenegligenceclaimbyAkai'sliquidators.[65]Inaseparatelawsuit,aformerEYseniorpartnerfrom1984to1991,CristopherHo,andhislistedcompany,GrandeHoldings,paidoverUS$100mtoAkaicreditorstosettleAkai'sliquidators'claimthatHoconspiredwithTingofstrippingassetsfromAkai.[66][67]PoliceraidedtheHongKongofficeandarrestedanEYpartnerwhohadbeenanauditmanagerontheAkaiaccountfromDecember1997,althoughauditdocumentshadbeendoctoreddatingbackto1994.[65]Akaiwassaidtobethefirm'slargestclientformostofthe1990sfromHongKong.[68] TheEYpartnerfortheAkaiaccountbetween1991and1999,DavidSunTak-kei,facednochargesandwentontobecomeco-managingpartnerforEYChina.[65]AfewmonthslaterEYsettledasimilarclaimofuptoHK$300mfromtheliquidatorsofMoulinGlobalEyecare,anauditclientoftheHongKongaffiliatebetween2002and2004.[64]TheliquidatorsdescribedtheMoulinaccountsasa"morassofdodginess".[64] TheValukasReportissuedin2010[69]chargedthatLehmanBrothersengagedinapracticeknownasrepo105andthatEY,Lehman'sauditor,wasawareofit.EYwasaccusedofprofessionalmalpracticeregardingthelackofdisclosureofLehman'srepo105practiceinLehman'spublicfilings.[70]NewYorkprosecutorsannouncedin2010[71]thattheyhavesuedthefirm.DavidGoldfarb,aLehmanCFOwhoconcoctedtherepo105balancesheetwindowdressingtechniquewasaformerseniorpartnerofEY.[70]EYsaidthatitslastauditofLehmanBrotherswasforthefiscalyearending30November2007andthatLehman'sfinancialstatementswerefairlypresentedinaccordancewithGenerallyAcceptedAccountingPrinciples.[72][73][74]InMarch2015,EYsettledLehman-relatedlawsuitswithmunicipalitiesinNewJerseyandCalifornia.[75] In2014taxarrangementsnegotiatedbyEYforTheWaltDisneyCompany,KochIndustries,Skype,andothermultinationalcorporationsbecamepublicintheso-calledLuxembourgLeaks.Thedisclosureoftheseandothertaxarrangementsledtocontroversialdiscussionsabouttaxavoidance.[76][77][78] EY'smemberfirminJapan,Ernst&YoungShinNihon,wasfined¥2.1billion(US$17.4million)forfailingtospotirregularitiesduringauditofitsclientToshiba,whichwasJapan'sworstaccountingscandalinyears.Thefirmwasalsosuspendedfromtakingupnewbusinessforthreemonths.AnofficialfromJapan'sFinancialServicesAgency(FSA)describedthat"therewasagravebreachofduty".Thefirm'sCEOandchairman,KoichiHanabusasteppeddownthefollowingmonthtotakeresponsibilityandmonthlysalariesfor19employeeswerecutfrom20percentto50percent.[79][80]Inanunusualmove,theFSApubliclynamedsevenaccountantsinvolvedintheauditwhoweresaidoffailingtoexerciseduecautionandsigningoffonfalsefinancialdocuments.[80]TheFSAalsosaidthe"firm’soperationsweredeeplyimproper".[80]ShinNihon,atthetime,wasJapan'sbiggestaccountingfirm,withabout3,500certifiedaccountantsandmorethan4,000clients.[79]Ernst&YoungShinNihonauditedabout960listedcompaniesinJapan,themostamongtheBigFour,asreportedin2015.[81]Ernst&YoungShinNihonhadauditedToshibaforover60yearsandthefirmhadaround70staffservingToshibabeforetheaccountingscandalbroke.[81] Ernst&YoungBaltic,memberoftheEYnetwork,usedtheemissionassumptionsofhighlypollutingEUROIItrucks(manufacturedbefore2001)tofalselyincreasethesocio-economicbenefitsofthenewrailwayfortheperiod2026–2055by3billioneurosintheRailBalticaCost-BenefitAnalysis.Totalmistakesamounttomorethan4billioneurosthatconstitute20%ofthetotalsocio-economicbenefitsoftheRailBaltica.[82]Correctionofthemistakesmakestheprojectunfeasible.EYhasrefusedtoprovideanycommentstothemediaregardingthepublicaccusations.[83] Accusationsofsexism[edit] InOctober2019,theHuffpostbrokeastoryaboutatrainingseminarpurportedlytoempowerfemaleemployees,whichwasactuallydishingout1950sstyleadvice.Womenweretoldtoconcentrateontheirappearance,nottoshowtoomuchskin,andnottospeaktoomuch.Oneparticipantsaiditwasbasicallya"womenbashing"exercise."Youhavetoofferyourthoughtsinabenignway...YouhavetobetheperfectStepfordwife...Itfeltliketheywerebeingturnedintosomeonewhoissuper-smiley,whoneverconfrontsanyone"shesaid.[84] Workingrights[edit] InApril2021,EY'ssecond-yearauditorstaffintheirBarcelonaofficesentanemailtotheirlinemanagerstocomplainagainstthelonghoursthattheyhadtowork,whichweresometimesreaching84workinghoursperweek.[85] Corporateaffairsandculture[edit] Mainarticle:Ernst&YoungEntrepreneuroftheYearAward EY'spublicityactivityincludesitsWorldEntrepreneuroftheYearAwardprogram,heldinover60countries.[86] EYUKalsopublicizesitselfbysponsoringexhibitionsofworksbyfamousartists,suchasCézanne,Picasso,Bonnard,Monet,RodinandRenoir.ThemostrecentofthesewasMaharaja:theSplendourofIndia'sRoyalCourtsattheVictoriaandAlbertMuseum.[87] Inaddition,EYpublicizesitselfbysponsoringtheeducationalchildren'sshowCyberchaseonPBSKidsunderthePBSKidsGO!televisionbrand,inanefforttoimprovemathematicsliteracyinchildren.[88] EYintheUKsponsorstheITEMclub.[89] EYintheUKhassetuptheNationalEqualityStandard(NES),aninitiativedevelopedforbusinesswhichsetsclearequality,diversityandinclusion(EDI)criteriaagainstwhichcompaniesareassessed.TheNationalEqualityStandard(NES)iscurrentlytheonlyindustryrecognizednationalstandardforEDIintheUK.[90] EYintheUKhassetupEYFoundation,anewUKcharitysetuptosupportyoungpeopleandentrepreneurs.[91] Sportssponsorship[edit] On8September2011,Rio2016madetheannouncementthatEYwouldbeanofficialsponsorofthe2016SummerOlympicstobeheldinBrazil,astheexclusiveproviderofprofessionalservices–consultingandauditing–forRio2016organizingcommittee.[92] EYhasalsobeenanOfficialPartnertoThe2012andthe2014RyderCups.[93] EYalsohasalongstandingrelationshipwiththe2011TourdeFrancewinnerCadelEvans.[94] EYalsopartnerswiththeBritishandIrishLions.[95] Seealso[edit] Companiesportal Accountingnetworksandassociations EY-Parthenon BigFouraccountingfirms:PwC,KPMG,Deloitte CroweGlobal,BDOGlobal,GrantThornton ClarksonGordon&Co(Canada) Professionalservices 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