Ernst & Young, an accounting firm Ernst & Young, was established in 1989 with a history dating back to 1849. It is a multinational professional services company headquartered in London, England. It has 212,000 full-time employees (2015) and is one of the four major international accounting firms. First, it ranks behind Deloitte and PricewaterhouseCoopers , and ahead of KPMG . World’s top four accounting firms that are all private, non-listed companies .
Information of Ernst & Young:
Ernst & Young operates as a network of member companies, and its members are independent legal entities in individual countries. Ernst & Young has 212,000 employees and more than 700 offices in more than 150 countries. It provides audit (including financial audit), tax, transaction, and consulting services to various companies.
Ernst & Young History:
- Ernst & Young is the result of a series of mergers of accounting firms. The earliest history can be traced back to Harding & Pullein, an accounting firm established in England in 1849. In the same year, Frederick Whinney joined the firm and became a partner in 1859. In 1894, the firm was renamed Whinney Smith & Whinney (Whinney Smith & Whinney), Smith was Frederick’s son.
- In 1903, two American brothers, Theodore Ernst and Alwin Ernst, founded the Ernst & Ernst accounting firm in Cleveland .
- In 1906, another American, Arthur Young, established the Arthur Young accounting firm in Chicago.
- In 1924, these two American firms began to form alliances with prominent firms in the British market. Arthur Young collaborated with Broads Paterson & Co., and Ernst Ernst collaborated with Whitney Smith Whitney joins hands. The latter merged in 1979 and the new firm was called Ernst & Whinney, which was the fourth largest accounting firm in the world at the time. Also in 1979, Arthur Young’s European office merged with several larger local firms and became a member firm of Arthur Young International.
- In 1989, Ernst Whitney, the fourth largest firm, merged with Arthur Young, the fifth largest firm, to form Ernst & Young (EY).
- In October 1997, Ernst & Young announced a global merger plan with KPMG, aiming to establish the world’s largest professional services organization at the time. In the previous September, PricewaterhouseCoopers and Yongdao just announced the merger to form PricewaterhouseCoopers. However, in February 1998, Ernst & Young and KPMG abandoned their merger plan due to antitrust, cost and corporate culture integration difficulties.
- In the 1980s and 1990s, Ernst & Young’s consulting department developed rapidly. Gradually, the US Securities and Exchange Commission discovered a conflict of interest between the audit services and consulting services of accounting firms.
- In May 2000, Ernst & Young became the first large accounting firm to spin off its consulting department. The consulting department was sold to French IT service provider Capgemini for US$11 billion.
- In 2002, Arthur Andersen broke up due to an accounting scandal. Ernst & Young took the opportunity to merge many of Andersen’s member firms around the world, including Germany, France, Russia, South Africa, Singapore and other places.
Ernst & Young accounting firm Ernst & Young Greater China:
- Ernst & Young has established a network of 21 offices in Greater China, located in Beijing, Hong Kong, Shanghai, Guangzhou, Shenzhen, Shenyang, Chengdu, Dalian, Hangzhou, Macau, Qingdao, Suzhou, Tianjin, Wuhan, Xiamen and Nanjing. Ernst & Young’s Taiwan offices are located in Taipei, Taichung, Tainan, Taoyuan, Hsinchu and Kaohsiung.
- In 1969, Zhiyuan Certified Public Accountants was established. It was originally the first accounting firm established in a joint form in Taiwan, and later became the member firm of Ernst & Young in Taiwan.
- In 1981, Ernst & Young established an office in Beijing. In 1992, Ernst & Young established Ernst & Young Hua Ming Certified Public Accountants in Beijing. In 2001, Ernst & Young merged with Shanghai Dahua Certified Public Accountants. After the merger, Ernst & Young Dahua Certified Public Accountants was established. Ernst & Young Dahua and Ernst & Young Hua Ming Shanghai Office were jointly signed.
- In October 2007, Zhiyuan Certified Public Accountants changed its name to Ernst & Young through the resolution of its partners.
- In 2008, Ernst & Young implemented the merger and business integration of its subsidiaries Ernst & Young Hua Ming and Ernst & Young UOB. After the merger, Ernst & Young UOB was cancelled and its business and personnel were merged into Ernst & Young Hua Ming.
- In November 2011, Ernst & Young entered into the CITIC Tower in Central, Hong Kong, leased ten floors, covering an area of 150,000 square feet, and is also the location of Ernst & Young’s Asia Pacific headquarters.
- In July 2012, Ernst & Young Huaming was approved to set up a special general partnership accounting firm, and Ernst & Young Huaming (Special General Partnership) officially opened in September.
EY official website : http://www.ey.com/