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'''Ernst & Young Global Limited''', [[trading as]] '''EY''',<ref name="rebranding"/><ref name="rebranding2"/> is a [[multinational corporation|multinational]] [[professional services]] [[partnership]]. EY is one of the largest [[professional services network]]s in the world.<ref>{{cite web|url=https://www.bloomberg.com/research/stocks/private/snapshot.asp?privcapId=97518|title=Professional Services Company Overview of Ernst & Young LLP|website=bloomberg.com|access-date=2019-04-12}}</ref> Along with [[Deloitte]], [[KPMG]] and [[PwC]], it is one of the [[Big Four accounting firms|Big Four]] accounting firms. It primarily provides [[assurance services|assurance]], [[tax]], [[Information technology|information technology services]] (including [[managed services]] in areas like [[Cybersecurity]], [[Cloud computing|Cloud]], [[Digital transformation|Digital Transformation]] and [[Artificial intelligence|AI]]), [[management consulting|consulting]], and [[Corporate services|advisory]] services to its clients.<ref>{{cite web|url=https://www.ey.com/UK/en/Newsroom/Facts-and-figures|title=EY at a glance|publisher=EY|access-date=2013-07-03}}</ref>
EY operates as a network of member firms which are structured as separate legal entities in a partnership, which has 395,442 employees in over 700 offices in more than 150 countries.<ref name="headcount_2023">{{cite web|url=https://www.ey.com/en_gl/news/2023/09/ey-reports-record-global-revenue-results-of-just-under-us-50b|title=EY reports record global revenue results of just under US$50b|date=13 September 2023|website=ey.com|access-date=13 September 2023}}</ref> The firm's current partnership was formed in 1989 by a merger of two accounting firms
In
== History ==
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In October 1997, Ernst & Young announced plans to merge its global practices with professional services network [[KPMG]], to create the largest professional services organization in the world. The announcement came on the heels of an announced merger between [[Price Waterhouse]] and [[Coopers & Lybrand]] only a month earlier. These plans were soon abandoned in February 1998, due to several factors ranging from client opposition, antitrust issues, cost problems, and the anticipated difficulty of merging the two diverse firms and cultures.<ref>[https://news.bbc.co.uk/1/hi/business/56509.stm "Accountancy Merger Off"]. [[BBC News]]. 23 February 1998. Retrieved 9 July 2011.</ref> The merger between Price Waterhouse and Coopers & Lybrand, however, went ahead as planned, creating [[PwC]].<ref>{{cite web|url=https://www.ukmediacentre.pwc.com/Company-history/Chronology-14.aspx |title=Chronology |access-date=27 September 2010 |publisher=PricewaterhouseCoopers |url-status=dead |archive-url=https://web.archive.org/web/20101010183230/https://www.ukmediacentre.pwc.com/Company-history/Chronology-14.aspx |archive-date=10 October 2010 }}</ref>
Ernst & Young expanded its consulting practice heavily during the 1980s and 1990s. During this time, the [[U.S. Securities and Exchange Commission]], and various members of the investment community, began to raise concerns about a potential conflict of interests. This conflict would be brought about by firms offering both consulting and auditing services simultaneously to overlapping clients, a common practice among the "Big Five". In May 2000, Ernst & Young was the first of those firms to fully separate its consulting practices via a sale to the French IT services company [[Capgemini]] for $11 billion, creating the new company Capgemini Ernst & Young, which was later renamed back to
=== Recent history, re-branding and expansion ===
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In April 2023, the German Abschlussprüferaufsichtstelle (APAS) (the federal watchdog, responsible for the oversight on auditors) assessed, that EY has committed violations of duty on its Wirecard mandate and prohibited the company for two years to accept new audit mandates for companies at the German stock exchange.<ref>{{Cite web |last1=Bender |first1=René |last2=Fröndhoff |first2=Bert |last3=Greive |first3=Martin |last4=Votsmeier |first4=Volker |date=2023-04-03 |title=Wirecard-Skandal: EY darf zwei Jahre keine neuen Prüfungsmandate bei Börsenkonzernen übernehmen |trans-title=EY is not allowed to take on new audit mandates at stock exchange groups for two years |url=https://www.handelsblatt.com/unternehmen/dienstleister/wirecard-skandal-ey-darf-zwei-jahre-keine-neuen-pruefungsmandate-bei-boersenkonzernen-uebernehmen/29071046.html |access-date=2023-04-03 |website=www.handelsblatt.com |language=de}}</ref>
In December 2024, a lawsuit was filed against EY accusing it of assisting the UAE-based Brooge Petroleum and Gas Investment Company FZE in defrauding investors during a 2019 [[special-purpose acquisition company]] (SPAC) merger. It alleges that Brooge fabricated financial data through fake invoices, customers and affiliated parties and forged 30-80% of its revenues between 2018 and 2020. EY allegedly supported Brooge’s scheme by “issuing unqualified audit opinions”. The lawsuit was filed by a group of Boorge Energy shareholders, who accused EY of fraud and violations of the [[Securities Exchange Act of 1934]]. The plaintiffs were seeking damages, interest, and legal fees.<ref>{{cite news|last=Pazanowski |first=Bernie |title=Ernst & Young Accused of Helping Brooge Defraud SPAC Investors |date=18 December 2024 |url=https://news.bloomberglaw.com/us-law-week/ernst-young-accused-of-helping-brooge-defraud-spac-investors |website=Bloomberg Law |access-date=1 January 2025}}</ref> <ref>{{cite news|last1=Smith |first1=Robert |last2=Kissin |first2=Ellesheva |title=Ernst & Young Accused of Helping Brooge Defraud SPAC Investors |date=23 December 2024 |url=https://news.bloomberglaw.com/us-law-week/ernst-young-accused-of-helping-brooge-defraud-spac-investors |website=Financial Times |access-date=1 January 2025}}</ref>
===Exam cheating by audit professionals===
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In 2014, tax arrangements negotiated by EY for [[The Walt Disney Company]], [[Koch Industries]], [[Skype]], and other [[multinational corporation]]s became public in the so-called ''[[Luxembourg Leaks]]''. The disclosure of these and other tax arrangements led to controversial discussions about [[tax avoidance]].<ref>{{cite news|newspaper=The Guardian|url=https://www.theguardian.com/business/2014/dec/09/-sp-luxembourg-tax-files-how-junckers-duchy-accommodated-skype-and-the-koch-empire|title=Luxembourg tax files: how Juncker's duchy accommodated Skype and the Koch empire|date=9 December 2014|access-date=17 December 2014}}</ref><ref>{{cite news|newspaper=The New York Times |url=https://www.nytimes.com/2014/12/11/business/disney-and-koch-industries-had-luxembourg-tax-deals-journalists-group-says.html?_r=0|title=Disney and Koch Industries Had Luxembourg Tax Deals, Journalists' Group Says|date=10 December 2014|access-date=17 December 2014}}</ref><ref>{{cite news|newspaper=Irish Times|url=https://www.irishtimes.com/business/economy/koch-industries-implicated-in-luxembourg-leaks-1.2031660|title=Koch Industries implicated in Luxembourg leaks|date=10 December 2014|access-date=17 December 2014}}</ref>
In 2015, EY's member firm in Japan, Ernst & Young ShinNihon, was fined {{JPY|2.1 billion}} ({{USD|17.4 million}}) for failing to spot irregularities
In 2017, Ernst & Young Baltic, member of the EY network,
== Controversies ==
=== Sexist training program ===
In October 2019, ''[[HuffPost]]'' broke a story about a New Jersey "Power-Presence-Purpose" training seminar purportedly to empower female employees, but which was, as characterized by ''HuffPost'', "full of out of touch advice".<ref>{{cite news |last1=Peck |first1=Emily |title=Women At Ernst & Young Instructed On How To Dress, Act Nicely Around Men |url=https://www.huffpost.com/entry/women-ernst-young-how-to-dress-act-around-men_n_5da721eee4b002e33e78606a |access-date=17 March 2023 |work=HuffPost |date=21 October 2019 |language=en}}</ref> Women were told to concentrate on their appearance, not to show too much skin, and not to speak too much. One participant said it was basically a "women bashing" exercise. "You have to offer your thoughts in a benign way...You have to be the perfect [[Stepford wife]]... It felt like they were being turned into someone who is super-smiley, who never confronts anyone" she said.<ref>{{Cite news|url=https://www.huffpost.com/entry/women-ernst-young-how-to-dress-act-around-men_n_5da721eee4b002e33e78606a|title=Women at Ernst & Young Instructed on How To Dress, Act Nicely Around Men|last=Peck|first=Emily|date=2019-10-21|work=Huffington Post|access-date=2019-10-22|language=en-AU}}</ref> In 2021, EY agreed to pay the state of New Jersey $100,000 and set up a $500,000 scholarship following its investigation of the
=== Working rights ===
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===Elizabeth Broderick & Co. Culture Review===
In July 2023, an independent culture review by the former Australian sex discrimination commissioner [[Elizabeth Broderick]] was released after being commissioned by EY following the suicide of an auditor in the Sydney office in August 2022. Over 4,500 participants from the Australian and New Zealand EY offices participated through online surveys, interviews, written submissions, and group listening sessions. The report revealed that 15% of EY employees have experienced instances of either bullying, sexual harassment, or racism. The report also detailed the long working hours, with approximately two in five employees considering quitting due to long work hours and 46% of respondents reporting that their health has been negatively affected due to the long hours. The culture review revealed that over 31% of EY employees worked over 51 hours per week routinely, and 11% of EY employees working over 61 hours per week routinely
In April 2024, EY apologized for its workplace culture and said it has started a "time-owed-in-lieu pilot" and is "making strong progress" on other report recommendations.<ref>{{Cite web |last=Wilson |first=Nick |date=2024-04-22 |title=EY apologises for workplace culture following Senate grilling |url=https://www.accountingtimes.com.au/profession/were-selling-time-professional-services-and-overwork-culture |access-date=2024-12-31 |website=www.accountingtimes.com.au |language=en-gb}}</ref>
===Death of Anna Sebastian Perayil ===
Anna Sebastian Perayil, a 26-year
== Sponsorships ==
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