10/09/2008
Ernst & Young is growing while clients and stakeholders are crying
Ernst & Young announced that its combined worldwide revenues increased to US$24.5 billion for the fiscal year ending 30 June 2008. This represented a year-on-year revenue increase of US$3.4 billion and a growth rate of 16.2% (9.5% in local currency [lc] terms). This growth was the result of winning new clients and the introduction of new services, as well as returns on investment in the emerging markets. It was partially offset by audit efficiencies enabled by the new US internal control standard and the economic downturn in many markets.
“This was an important year for Ernst & Young for more than just our continued strong growth,”
James S. Turley (Ernst & Young Global Chairman and CEO )
As I said for PwC such communication on the growth is indecent.
Auditors have a strong responsibility in the current financial mess as accounts certified cannot be trusted anymore.
By the way who audited Lehman Brothers ?
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