EY : Everything you need to know

EY: Everything you need to know

About EY

Ernst & Young Global Limited is a multinational professional services network, operating under the EY brand. It is one of the largest professional services networks in the world and is considered among the Big Four accounting firms. It operates four integrated service lines, namely assurance, consulting, strategy and transactions, and tax.

EY operates as a network of member firms, which are structured as separate legal entities in a partnership. It has 312,250 employees spread over more than 150 countries and 700 offices in across the globe.

“At EY, our purpose is ‘building a better working world,’” Carmine Di Sibio, global chairman and CEO, wrote in EY’s statement of purpose on its website. “The insights and quality services we provide help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.”

“We help digital pioneers fight data piracy; guide governments through cash-flow crises; unlock new medical treatments with data analytics; and pursue high quality audits to build trust in financial markets and business,” he added. “In other words, working with entrepreneurs, companies, and entire countries to solve their most pressing challenges.”

Brief history

EY’s current partnership was formed in 1989 through a merger of two accounting firms – Ernst & Whinney and Arthur Young & Co. Both firms had histories dating back to the 19th century. The merged entity was named Ernst & Young until a rebranding campaign officially changed its name to EY in 2013.

EY expanded its consulting practice heavily during the 1980s and 1990s. During this period, the US Securities and Exchange Commission, along with several members of the investment sector, started to raise concerns about a potential conflict of interests brought about by firms offering both consulting and auditing services simultaneously to overlapping clients. In May 2000, EY was the first of these firms to fully separate its consulting practices by selling them to French IT services company Capgemini. The sale created Capgemini Ernst & Young, which was later renamed back to Capgemini.

In 1997, EY announced plans to merge its global practices with the professional services network KPMG, with the goal of forming the largest professional services organization in the world. The announcement came on the heels of an announced merger between Price Waterhouse and Coopers & Lybrand, which was completed later in the year. These plans were met with opposition from clients and stakeholders and were abandoned in early 1998.

In 2002, EY serviced a large chunk of the clients previously working with Arthur Andersen after the latter’s downfall in connection with the Enron scandal. Four years later, EY became the only member of the Big Four to have two member firms in the US, with the inclusion of Mitchell & Titus, LLP, the largest minority-owned accounting firm in the country, in 2006. Mitchell & Titus, however, ended its membership in the EY network on October 30, 2015.

In 2014, EY acquired global strategy consulting firm The Parthenon Group, gaining 350 consultants in its then-transaction advisory services practice. The business unit has since been rebranded as EY-Parthenon and is one of the most selective strategy consultancies globally.

Leadership at EY

Carmine Di Sibio – Global Chairman and CEO

Di Sibio is the global chairman and CEO of EY, a post he has held since January 2019. Prior to being elected to his current role, he served as the firm’s global managing partner of client service, leading the execution of the global strategy in the company’s four geographical areas and four service lines.

Since joining EY in 1985, Di Sibio has served as an advisory and assurance partner for many of EY’s largest financial services accounts. He has also held several leadership positions, including Chair of the Global Financial Services Markets Executive and Regional Managing Partner for the Americas Financial Services Organization (FSO), where he started EY Risk Management and Regulatory Services.

Di Sibio earned a BA in Chemistry from Colgate University and has an MBA from New York University’s Stern School of Business. He is a practicing CPA.

Culture

EY is committed to creating an inclusive culture that advances women’s potential. One of its programmes, ‘Women. Fast forward’ “seeks to empower a diverse workforce” by enabling women to reach their potential through education, mentorship, innovation, and entrepreneurial opportunities. To do this, the company is focusing on three distinct areas: women in leadership, women in technology, and women entrepreneurs.