Tuesday, October 07, 2008

Ernst and Young Revenues Rise 16%, Retains Third Place in Big Four

Another Big4 firm reports good performance.

Today, Ernst & Young reported that its worldwide revenues increased to US$24.5 billion for the fiscal year ending 30 June 2008, rising 16.2% in dollar terms and 9.5% in local currency terms from the previous year’s revenue of $21.1 billion. Major factors included gaining new clients, new services sales and ROI in emerging markets, offset somewhat by “audit efficiencies enabled by the new US internal control standard” (which we would assume are clients automating their processes and relying less on E&Y) and economic slowness in many markets...

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