News coverage for Ernst & Young

Ernst & Young and CIPFA to Increase Transparency and Comparability of Public Sector Finances

Ernst & Young and CIPFA to Increase Transparency and Comparability of Public Sector Finances

Accounting firm Ernst & Young and the Chartered Institute of Public Finance and Accountancy (CIPFA) have formed an alliance to help organizations and governments around the world to improve their public financial management (PFM) systems and arrangements. CIPFA is the professional body for people in public finance. Its 14,000 members work throughout the public services, [...]

Failure to Move Away from a Defensive Business Strategy Is Top Business Risk for Telecoms Operators in 2012

Failure to Move Away from a Defensive Business Strategy Is Top Business Risk for Telecoms Operators in 2012

Questions over new business models, levels of capital expenditure and regulatory uncertainty represent the biggest threats and opportunities in a rapidly transforming telecommunications sector, according to a new report by Ernst & Young. Top 10 risks in telecommunications 2012, the latest in a series of annual reports based on the insights of Ernst & Young’s [...]

Oil and Gas M&a Volume Up, Values Down Last Year

Oil and Gas M&a Volume Up, Values Down Last Year

A total of 1322 oil and gas transactions were announced in 2011, an increase of more than 5% when compared to 2010 proving that this remains one of the most resilient global sectors for mergers and acquisitions, according to Ernst & Young. The aggregate value of oil and gas transactions in the year totaled US$317b. [...]

Ernst & Young Tops 2011 European M&a League Tables

Ernst & Young Tops 2011 European M&a League Tables

This week the 2011 mergermarket European M&A league tables confirmed Ernst & Young as the number one provider of accountancy advice on M&A transactions across Europe during 2011. In a year that saw M&A activity fluctuate significantly, Ernst & Young advised on 297 M&A transactions across Europe, with an aggregated value of almost $68billion; representing [...]

Steelmaking Over-capacity Pressures Profitability

Significant rationalization in the global steel sector is required if many operators are to remain profitable, according to Ernst & Young’s Global Mining & Metals Leader Mike Elliott. Ernst & Young’s report highlights the issues and challenges facing the sector. Elliott says steelmaking capacity increased by 80 million tonnes in 2011 to approximately 1,890 million [...]

Mark Weinberger Elected Next Global Chairman and CEO of Ernst & Young

Mark Weinberger Elected Next Global Chairman and CEO of Ernst & Young

Ernst & Young has named Mark Weinberger as its next Global Chairman and CEO, succeeding current Global Chairman and CEO Jim Turley, who announced recently that he will retire on 30 June 2013, having led Ernst & Young since 2001. Ernst & Young’s Global Executive and its Global Advisory Council, the organization’s highest management and [...]

Declining Optimism at Swiss Banks

Declining Optimism at Swiss Banks

Swiss banks are looking to the future with less optimism than a year ago. Despite turbulent financial markets, the majority of organizations still believe that there are good prospects for the future, however, according to Ernst & Young’s Bank Barometer 2012. Euphoria about current developments in banking secrecy, withholding tax and tax transparency has evaporated [...]

Greater China Leads Global IPO

Greater China Leads Global IPO

After a promising start in the first two quarters, global IPO activity dropped dramatically midway through the year, principally due to investors’ concerns about sovereign debt issues in Europe and Standard & Poor’s downgrade of US credit rating. Capital raised for the first 11 months globally totalled US$155.8b. The value of IPOs by year-end 2011 [...]

Panel Exonerates E&Y from Olympus Accounting Fraud

Panel Exonerates E&Y from Olympus Accounting Fraud

Olympus auditors Ernst & Young Japan has been cleared in the latest report of the panel investigating the accounting fraud at the Japanese camera-maker. Olympus recently admitted the $1.7 billion (£1bn) accounting scandal that built up from the alleged decades-long orchestration of some company executives. The accounting scandal invited criticisms against Ernst & Young ShinNihon, [...]

Unsecured Focus DIY Creditors Left with Nothing

Unsecured Focus DIY Creditors Left with Nothing

Unsecured creditors of discount retailer Focus DIY who are owed £821.1 million will get less than 1 percent for every £1 owed, as only £600,000 could be set aside for them from the outstanding charge assets reserved for non-preferential creditors, the latest Ernst & Young progress report reveals. About 15,000 claims are awaiting reply from [...]

E&Y to Probe Judgement, Accounting at Olympus

E&Y to Probe Judgement, Accounting at Olympus

Olympus auditors Ernst & Young will look into how it conducted the accounting and judgement on the &1.7 billion fraud at one of the world’s biggest camera makers. Ernst & Young ShinNihon LLC has formed a committee to determine whether there were errors when the Big Four accounting firm audited the finances of Olympus Corp. [...]

E&Y Audit, Advisory Income Up by 0.6pc

E&Y Audit, Advisory Income Up by 0.6pc

Ernst & Young Switzerland’s audit and advisory fees income have increased as of 30 June 2011 by 0.6 percent to CHF 510.3 million, putting the business consulting and accounting firm back on course for growth. To ensure that it remains on course for growth, Ernst & Young invests about 10 percent of its fee income [...]

Ernst & Young Banned from Power Sector for Faulty Bids Evaluation

Ernst & Young Banned from Power Sector for Faulty Bids Evaluation

Global accounting and business consulting firm Ernst & Young has received the ire of India’s Power Ministry after the discovery of faulty evaluation of bids for the Sasan project. The Power Ministry banned Ernst & Young from engaging anymore with any projects in the power sector. The anomalies were revealed in the report prepared by [...]

Life Insurance in Demand Despite Less Confidence

Life Insurance in Demand Despite Less Confidence

While only around half of private individuals believe that life insurance companies will be able to meet their guarantee commitments over the long term, full insurance solutions with guarantees are in great demand in the occupational pension plan sector, with small companies often relying on this model, according to the first life insurance study published [...]

E&Y Shaping Future Business Leaders

E&Y Shaping Future Business Leaders

Ernst & Young has launched “EYAcademy”, a structured tactic to develop socially responsible future business leaders. The program is open for first year students in finance and business related disciplines in local universities who are passionate about learning and development, and are ambitious to become future leaders. Participants will join the program as EY Cadets. [...]

Biotech Industry Faces R&D Funding Crisis

Biotech Industry Faces R&D Funding Crisis

The global biotech industry is facing scarcity in funding despite solid top- and bottom-line growth in 2010 and achieving aggregate profitability for the second year in a row, according to Ernst & Young. Affected companies tend to be pre-commercial stage firms that depend on years of funding to support drug development. This has placed new [...]

Average Global IPO Down 57pc in Q3

Average Global IPO Down 57pc in Q3

The average global deal size has decreased by 57 percent to US$100 million while 87 percent of global IPOs in the third quarter of 2011 have priced within their initial filing range. This was according to Ernst & Young’s Q3 Global IPO update. In the third quarter, a total of 284 deals raised US$28.5 billion, [...]

‘Best Firms to Work for’ Count in Ernst & Young

‘Best Firms to Work for’ Count in Ernst & Young

Ernst & Young LLP has been named among Consulting magazine’s “Best Firms to Work For” for 2011, ranking on the list for the first time ever. The accounting firm has the highest debut at 11th place among the list of consulting companies. The results are based on a survey of more than 13,000 respondents representing [...]

Amid Emmys, Ernst & Young Battling Irish Bank Charges

Amid Emmys, Ernst & Young Battling Irish Bank Charges

Accounting and business consulting firm Ernst & Young has released its statement last week disagreeing “fundamentally” with the opinions by Special Investigator John Purcell who said there is a prima facie case that Ernst & Young needs to answer on three points under inquiry. The accounting firm, whose executives arrived at the Emmys on September [...]

Disciplinary Action Awaits Ernst & Young Over Anglo Irish Bank Failures

Disciplinary Action Awaits Ernst & Young Over Anglo Irish Bank Failures

Big Four accounting firm Ernst & Young will be finally facing a disciplinary action from an accounting regulator after months of temporary delay on the hearing of issues involving the audits of Anglo Irish Bank. According to the Chartered Accounts Regulatory Board (CARB)’s the special investigator John Purcell, Ernst & Young will have to answer [...]

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