Ernst & Young (doing business as EY) is a multinational professional services firm headquartered in London, England, United Kingdom. EY is one of the largest professional services firms in the world and is one of the “Big Four” accounting firms.
EY operates as a network of member firms which are separate legal entities in individual countries. It has 250,000 employees in over 700 offices around 150 countries in the world. It provides assurance (including financial audit), tax, consulting and advisory services to companies.
The firm dates back to 1849 with the founding of Harding & Pullein in England. The current firm was formed by a merger of Ernst & Whinney and Arthur Young & Co. in 1989. It was known as Ernst & Young until 2013 when it underwent a rebranding to EY. The acronym “EY” was already an informal name for the firm prior to its official adoption.
In 2018, Fortune magazine ranked EY 52nd on the 100 Best Companies to Work for list. In 2017, EY was the 9th largest privately owned organization in the United States.
EY Global sets global standards and oversees global policy and consistency of service, with client work performed by its member firms.
Each EY member country is organized as part of one of four areas. This is different from other professional services networks, which are more centrally managed.
The four areas are:
EMEIA: Europe, Middle East, India and Africa: Americas, Asia-Pacific, Japan
Each area has an identical business structure and a management team, which is led by an Area Managing Partner who is part of the Global Executive board.
EY has the following four main service lines:
Assurance (38% of revenue in 2016): comprises Financial Audit (core assurance), Financial Accounting Advisory Services and Fraud Investigation & Dispute Services.
Tax (26% of revenue in 2016): includes Transfer Pricing, International Tax Services, Business Tax Compliance, People Advisory, Global Trade, Indirect Tax, Tax Accounting & Risk Advisory Services, Tax Technology and Transformation, Transaction Tax.
Advisory (26% of revenue in 2016): consisting of four sub-service lines: Actuarial, IT Risk and Assurance, Risk, and Performance Improvement.
Transaction Advisory Services (TAS) (9% of revenue in 2016): deals with companies’ capital agenda – preserving, optimizing, investing and raising capital.

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