Ernst & Young? |
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| Type | Private |
| Founded | 1989; individual components from 1849 |
| Location | New York City, New York |
| Key people | James S. Turley, Chairman and CEO |
| Industry | Professional services |
| Products | Accounting Professional advisory services Legal services (in countries where permitted) |
| Revenue | image:green up.png $16.9 billion USD (2005) |
| Employees | 100,000 |
| Website | www.ey.com |
Ernst & Young is one of the Big Four auditors, and the third largest professional services firm in the world (after Deloitte Touche Tohmatsu and PricewaterhouseCoopers) in terms of revenue.1 (2004)
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History
The firm as we know it today is the result of a series of mergers of ancestor organizations. The oldest originating company was founded in 1849 in England as Harding & Pullein. In that year the company was joined by the American Frederick Whinney. He was made a partner in 1859 and with his sons in the business it was renamed Whinney, Smith & Whinney in 1894. In 1903, the firm of Ernst & Ernst was established in Cleveland by Alwin and Theodore Ernst and in 1906 Arthur Young & Company was set up in Chicago.
In 1965, Whinney, Smith & Whinney merged with Brown, Fleming & Murray to form a accounting and consultancy firm named Whinney Murray. Whinney, Smith & Whinney had been closely allied with Ernst & Ernst since the 1940s, and in 1979 Whinney Murray, Ernst & Ernst, and Turquands Barton Mayhew joined together as Ernst & Whinney, creating the fourth largest accountancy firm in the world. In 1989, the number four merged with the then number five, Arthur Young, to create Ernst & Young.
The partnership built up its consultancy arm heavily during the 1980s and 90s. The U.S. Securities and Exchange Commission and members of the investment community began to raise increasing concerns about potential conflicts of interest between the consulting and auditing work. Ernst & Young was the first of the Big Four Auditors to formally and fully separate its systems integration and auditing practices.
Ernst & Young is the auditor for a largest number of major Fortune 1000 corporations, including AOL Time Warner, Wal-Mart, Amazon.com, Oracle, McDonalds, Google, Intel, Hewlett-Packard, Coca-Cola, and Verizon.
Acquisitions, divestitures
In October 1997, Ernst & Young announced plans to merge their global practices with KPMG to create the largest professional services organization in the world, coming on the heels of another mega-merger plan announced in September 1997 by Price Waterhouse and Coopers & Lybrand. The merger plans were abandoned in February 1998 due to client opposition, antitrust issues, cost problems and perceived difficulty of merging the two diverse companies and cultures.
In May 2000, the consulting arm was sold the French IT services company Cap Gemini for $11 billion in cash and stock, creating the new consulting firm of Cap Gemini Ernst & Young, which was later renamed Capgemini.
Diversity
Ernst & Young was named one of the 100 Best Companies (the highest among the big four) to work for by Fortune Magazine and was named one of the 100 Best Companies for Working Mothers in 2004 by Working Mothers magazine.
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| Deloitte Touche Tohmatsu | Ernst & Young | KPMG | Pricewaterhouse Coopers | |