Increasing regulation and compliance have combined to produce another set of
record results for a Big Four firm, with Ernst &Young reporting a 15% growth
in fee income today.
The firm, fresh from its triumph in the Equitable case, reported profits of
£945m for the financial year ending 30 June 2005. Average profit per partner was
also up, 14% to £561,000.
International Financial Reporting Standards and Sarbanes-Oxley combined to
provide much of the 27% growth in the firm’s business assurance practice.
E&Y’s tax practice, however, grew by just 4% and its transaction advisory
services by 5%.
The overall growth has been replicated across its workforce, which has
expanded by 15% and added 57 new partners.
‘We anticipate that the growth we’ve experienced as a result of our clients’
IFRS and Sox challenges will level off in the current year, although our clients
will no doubt face other regulatory issues,’ said E&Y chairman Nick Land in
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
Six new partners have been revealed by top ten firm Mazars
Investment in people, tech and businesses impacts on EY's profit per partner figure
RSM has appointed Kevin Edwards as a tax partner in its Nottingham office