If EY Treats a Partner Who Reports Sexual Misconduct Like This, What Hope Do Other Employees Have?
Update in the 18th paragraph includes an additional statement from Ernst & Young. One of the more shocking details from the sexual harassment complaint against Ernst & Young is that even though the victim, Jessica Casucci, was a partner, other partners and senior officials in the firm either did nothing or took action to protect […]
Rest Assured, Seekers of Illicit Love, Ernst & Young Has Your Back
Back in 2015, the popular adulterer website Ashley Madison made news when hackers leaked the personal details of its millions of users. At that time, one of the things we learned about the site was that, not only did the number of male users greatly outnumber the number of females, the females were bots or […]
EY CEO’s Statement Fails to Rebuke Trump’s Immigrant Ban
EY CEO Mark Weinberger has his first big meeting as part of President Trump’s business advisory council this Friday and it promises to be…interesting. That’s because some executives on the council have expressed concerns and others outright rebukes of the executive order banning refugees and immigrants from seven countries. Weinberger opted to play it safe […]
It’s Really Too Bad That Ernst & Young Isn’t Struggling to Account for Trump
It's Friday afternoon, half the internet is broken (including Disqus!) and it's a presidential election year; in short, it's a slow day. Incredibly, we were saved from this drought in hell by this post from Politico: "Ernst and Young struggle to account for Trump." Unfortunately, this is not a story about the Big 4 firm's […]
Here’s Your Open Thread for EY Compensation Discussions (2015)
There’s been a steady stream of tips coming in for the last week about EY comp discussions starting today and we understand that people are anxious.
Here’s how one tipster put it:
Aaron Rodgers Has Heard of Ernst & Young, Just Not Sure Where…
Indulge me while I express my love for the SNL Celebrity Jeopardy! skits that aired between 1996 and 2002. As an undergrad, I remember a battalion of bros crowding around my roommate's desktop — this was in the STONE AGE before everyone schlepped laptops, you see — watching Norm Macdonald as Burt Reynolds and Darrell […]
#TBT: The Failed Merger of Ernst & Young and KPMG
In the late 1990s there were 6 major accounting firms serving our capital markets with gusto. Then, in September 1997 the firms of Price Waterhouse and Coopers & Lybrand — #4 and #6 respectively — announced they would merge, creating the largest and integritiest firm in the world. Not to be outdone, #2 Ernst & Young […]
Some Big 4 Alumni Just Can’t Quit Their Old Firms
#DidYouKnow? #EY alumni, aka "Boomerangs," account for 11% of the firm's total US workforce: http://t.co/I8FINXqzw6 via @HRExecMag — EY US Careers (@EY_CareersUS) October 7, 2014 And it's actually 20% for partners, principals and executive directors, according to article. Then there's this gem from KPMG: Each year, 10 percent to 15 percent of KPMG's 4,500 "experienced […]
EY Compensation Discussions Redux
With one firm's CEO announcing his retirement and another firm taking it on the chin from Ben Lawsky, you'd think most people would be satisfied with the topics of discussion on a Monday morning. Nope! Please move the EY Compensation thread to where people can actually find it and comment on it. Update is that compensation […]
You Have Five Minutes with EY’s CEO Mark Weinberger…
Sometimes Life at EY means dreaming of having the big guy all to yourself: What would you say if you had 5 minutes to speak to our CEO, @Mark_Weinberger ? #FoodForThought — Life at EY (@EYstaff) November 25, 2013 Would you bring up the PCAOB inspection stats? Do you give him the full troll treatment […]
EY Tops Big 4 Las Vegas Firms in Hindering Its Advisory Business Growth
In this day and age of professional service firm trends, it's strange to see an announcement that highlights the audit business in the lead paragraph: [On Monday] Ernst & Young LLP’s Las Vegas office celebrates its 10th anniversary. Since its opening here in 2003, it has become the nation’s largest fully integrated gaming and hospitality practice, […]
Ernst & Young, Living in Denial, Settles with Lehman Investors for $99 Million
This is rich. Michael Rapoport reports: Ernst & Young LLP has agreed to pay $99 million to settle investor class-action allegations that it turned a blind eye when its audit client Lehman Brothers Holdings Inc. misled investors before the investment bank's 2008 collapse. The investors and Ernst "have reached an agreement in principle" to settle the […]
The Latest Twist in Overtime Lawsuits Against Accounting Firms
Here's an interesting development in the wage and hour disputes between public accounting firms and their unlicensed staff. The Second Circuit Court of Appeals recently found that "class action waivers" included in offer letters to new associates are enforceable. What does that mean exactly? The case Sutherland v. Ernst & Young provides the background: “Alyssa” […]
(UPDATE/CORRECTION) Two Ernst & Young Employees Seek Financial Backing for Their Non-flammable Cooking Headwear Business
See update/correction below. I don't watch much TV, so it's no accident that I missed Shark Tank on Friday. Apparently it's a show where people pitch their ideas to Mark Cuban and other people that have names and lots of money from building businesses. I feel like this show has been done before but my […]
Ex-EY Partner Not Getting His Day in Supreme Court
Robert Coplan, one of three former EY partners who were convicted of selling illegal tax shelters that cost the government $2 billion, has had his case rejected by Supreme Court. Coplan's conviction was upheld last November by the U.S. Court of Appeals in New York and he was hoping to challenge one count in front […]
EY Still Has Plenty Room for College Students That Prefer Gainful Employment to Eating Out of a Dumpster
Could someone please notify a certain Bloomberg BusinessWeek editor? Ernst & Young LLP plans to make roughly 10,600 hires in the U.S. during fiscal year 2014, the company told eFinancialCareers. The Big Four accounting firm is looking to recruit 6,300 students while making 4,300 experienced hires during the fiscal year, which began in July. The anticipated […]
EY’s Dan Black Will Not Allow Himself to Be Trolled By Bloomberg Businessweek
Bloomberg Businessweek Associate Editor Louis Lavelle recently spoke to Dan Black, the head of EY recruiting in the US. Instead of pandering to Mr Black — who, admittedly, does plenty of pandering of his own — BB goes straight for the jugular in this interview. Case in point, this hard-hitting question: The College Board recently […]
Early Odds Point to EY as Twitter’s Auditor
We're sure some of you know who the firm is already, but there's nothing out there yet so we'll refrain from calling it official. But! Audit Analytics has some stats on the 248 IPOs since April 2012 that show EY is a big favorite among EGCs since the JOBS Act was passed: Since April 2012, […]
Let’s Walk Down Memory Lane with Ernst & Young and Lehman Brothers
This week, lots of people are talking about the Lehman Brothers bankruptcy because five years is half of a decade and, well, it was the biggest bankruptcy in U.S. history so that counts for something. Yesterday, we linked to the DealBook story that explains why the SEC threw in the towel and for me, it's one […]
Auditor Market Share for IPOs Offers More Than Enough Consolation for Ernst & Young
Remember this chart from last month? #CPA link: Mo' Money, Mo' Problems: Faulty Big Four audits climb (along with their fees) http://t.co/M57S1ovtX9 pic.twitter.com/4wHa1xmQ9h — Rick Telberg (@CPA_Trendlines) August 15, 2013 Yep, the one where EY!'s deficient audits blast off like rockets into Syria. It's the kind of info that doesn't make any of the new EY! […]
Not Everyone Using the Ernst & Young Men’s Room Is a Stand Up Guy
A top secret "restroom correspondent" at an unnamed EY! location informs us that the following was prominently featured on the lunchroom wall for all of "22 minutes on Friday till the OMP popped by": EY! Bathroom Etiquette For Feral Males What is it, exactly, with EY! and bathrooms? Apparently some people need to be […]
Ernst & Young’s PCAOB Inspection Results Look Even Worse in Chart Form
Last week, we discussed just how bad EY's auditing had gotten from a PCAOB inspection report perspective. And with a failure rate of 48% we can all say, "That sucks, EY," with the utmost confidence. Yet, nothing in the PCAOB inspection report or anything we wrote last Tuesday sums things quite like this chart from the […]
Here’s Your Open Thread for EY Compensation Discussions (2013)
The time has finally come for employees of all Black and Yellow stripes to discuss their financial satisfaction (or lack thereof) for this year. There's seems to have been quite a bit of EY-centered discussions this summer, everything from prolific Twitter accounts to news of a lot fewer audit clients to their PCAOB inspection report that […]
Ernst & Young Staff Has Worked Himself Into Oblivion
How did I miss the EY reference when Kristen Wiig was hosting SNL?!?! Just don't agree that our world is boring haha…http://t.co/Pzcg0I6aWj — Life at EY (@EYstaff) August 7, 2013
Ernst & Young’s PCAOB Inspection Report Results Managed to Get Much Worse
Just yesterday we ran down the 2011 performance of the eight largest public accounting firms in this fair land. And just as soon as people were starting to get their knickers in a twist, the PCAOB released its 2012 inspection report for the firm formerly known as Ernst & Young. And yes, the firm's error […]
Ernst & Young Lost a Lot of Audit Clients Last Quarter
I suppose "a lot" is a relative term, but I think most people would agree that to lose, on average, more than one client per week constitutes "a lot."
Ernst & Young Trusts That Everyone Knows Those ‘Sexy Boys’ Aren’t Building a Better Working World
As you know, earlier this month the accounting firm formerly known as Ernst & Young unveiled a major rebranding. We spoiled things a little bit by breaking the news early, but what no one knew — including, apparently, everyone involved in the makeover — was that there was quite a surprise awaiting anyone who searched Google […]
Jim Turley Bestows Another Rose
After Citigroup announced that Jim Turley would be joining its Board of Directors in order to give it a slightly more credible appearance, St. Louis-based Emerson Electric Co. has managed the good fortune to have JT on their BOD. Turley will serve on the audit, and corporate governance and nominating committee. For those curious, Emerson's […]
It Took a Week for Jim Turley to Find Work
U.S. government parolee, Citigroup, announced today that it's expanding its board of directors to include Gary Reiner, a former CIO at GE, and Jim Turley, EY's beloved former DJ, fashion-forward footwear-er, and Chuck Norris nemesis. This transition is par for the course when it comes to Big 4 CEO/Chairs, with Tim Flynn and Sharon Allen serving […]
The EY Rebranding Has Gotten More Exposure Than It Bargained For (Slightly NSFW)
It's been an exciting week at EY, what with the rebranding, tagline, Vision 2020 a new CEO and all. It marks the culmination of a lot of hard work on the part of marketing, communications, leadership, web designers, programmers, and countless other professionals to get to this moment. And it appears that at no point […]
Sadly, EY’s Farewell to Jim Turley Has No Mention of a Cake Party
I'm sure EY sent him off in style on Friday, which probably includes a gold watch, a gift card, or something, but there's no mention of any festivities in the internal message that was forwarded to us over the weekend: A special message to US and Canadian Ernst & Young alumni: We wanted to […]
The New EY: A $50 Billion Revenue Goal, Squishy Independence, and Adios to the Ampersand
Nearly three years ago we surprised everyone with the news that PwC was rebranding itself. It was big news for awhile and not everyone liked the new look, but just like a website, eventually people get tired of bitching about the changes and they move on. Shortly thereafter, we highlighted an obscure report from Marketing […]
Ernst & Young Hired Some People
We like to call attention the competitive poaching that goes on behalf of accounting firms because they do such a good job of bombarding the world with that knowledge. It probably got started when we noticed that PwC was using KPMG as its farm team, but more so lately, we've noticed that Ernst & Young aggressively shouting about all the BSDs that are joining the Black and Yellow.
Let’s Welcome Ernst & Young CEO-elect Mark Weinberger to Twitter, Everybody
M. Dubs broke his Twitter cherry on a Saturday: My congratulations to @hamdiulukaya CEO of @chobani – our World Entrepreneur of the Year 2013! #WEOY — Mark Weinberger (@Mark_Weinberger) June 8, 2013 This is only the second major accounting firm CEO to be on the Twits with ex-Deloitte global chief Jim Quigley being the first. […]
(UPDATE) Summer at Ernst & Young Might Just Be a Tad Sweeter Now
Yesterday, we reported that KPMG was providing ample protein to its partners and employees this summer as a way of saying, "Thanks for all your hard work and not passing material non-public information to someone outside the firm who then used that information to make trades in our audit clients' stock." And for the most […]
Ernst & Young Adds to Its Murderers’ Row of Tax Experts
Ernst & Young has wrestled Jeff VanderWolk away from the Senate Finance Committee where he served as international tax counsel. He'll be an executive director in the National Tax and Americas Tax Center reporting to former assistant treasury secretary for tax policy, Michael Mundaca, according to The Hill. E&Y has been building up its National Tax Practice […]
Promotion Watch ’13: Here’s the Ernst & Young Americas Partner Class for 2013
Welcome back, capital market servants. Hopefully you achieved some combination of suntan/burn, hangover, and meat sweats this past weekend. Speaking of achievement! Last week while we were all distracted by Memorial Weekend daydreams, Ernst & Young announced their 2013 Partner, Principal, Executive Director, and Director (aka "PPEDD") class for the Americas (this includes North […]
Ernst & Young Latest Big 4 Firm to Have Part II of PCAOB Inspection Report Released
Okay, remind me — there's a saying about "three" and "trend" or "pattern" or something? Forget it, not important. What is important — at least we've made the argument that it is — is that the PCAOB released Part II of Ernst & Young's 2009 inspection report. That makes three out of four Big 4 […]
Ernst & Young Interns Made Fully Aware of Insider Trading’s Pitfalls
With full-time personnel already on notice, E&Y figured any interns not already familiar with insider trading should be made aware that material, non-public information about a client should not be used to trade securities. Nor should you pass it to your golfing buddy, local jeweler, or connection for hard-to-get concert tickets. A tipster sent us […]
In Light of Current Events, Ernst & Young Reminds All Personnel That Insider Trading Is a Big No-no
Have you or someone you know considered passing some non-public information to anyone who has access to concert tickets and/or is offering a discount on a timepiece and/or envelopes of cash? If so, the ethics and compliance folks at E&Y are asking that you take few minutes to read this quick refresher: Internal memorandum […]
Ernst & Young’s Jim Turley Is the Justin Bieber of Accounting
Do you like your firm's CEO? It's really an odd question. When I worked at KPMG, Tim Flynn was at the helm and he seemed likable enough, but I only knew him through scripted emails and one very bizarre townhall meeting at the Javits Center when Stephen Colbert showed up. I guess the more important question […]
Please Don’t Celebrate the End of Busy Season By Doing the Harlem Shake
This effort was put forth by a team in the E&Y San Antonio office and if you’re a dancing accountants aficionado, it serves as another opportunity to study technique, enthusiasm, and production quality. It’s fine effort by E&Y Alamo, I suppose. The Darth Vader mask is a nice touch. There’s no random baby in a […]
Depending On How This Gay Court Stuff Goes, Ernst & Young Might Have a Little Extra Pocket Change
According to this recent HuffPo article, a favorable DOMA decision might save a few bucks for big employers like Ernst & Young: After her partner gave birth to triplets in 1998, Chris Crespo began paying closer attention to the employee benefits offered by her company, major accounting firm Ernst & Young. "I wanted to make […]
One Ernst & Young Employee Doesn’t Think It’s Too Early To Get Excited About Four-day Weekends
From the mailbag: Got a voice from Kay Matthews, EY West Sub-Area Managing Partner [last week]. They are giving the employees in the West Sub-Area an extra day off for our "hard work". The Thursday before the 4 day Memorial Day weekend will be called "West Region Say's Thank You Day". Woohoo! Once you manage to quit dancing […]
Ernst & Young Will Probably Have Better Than Average Seats for Super Bowl XLVIII
Todd Christie, brother of Chris, is now a director in Ernst & Young's Northeast Practice Market Team. The E&Y press release says that "Christie will direct the firm’s efforts to development new business relationships throughout the New York area." That's a PR way of saying, "We like your big Rolodex." And yes, having a direct connection to […]
Ernst & Young Admits That Some of Its Partners Were Running a Tax Shelter Factory
What a fine thing for the Manhattan U.S. Attorney to announce on a Friday afternoon that it had reached at settlement with Ernst & Young over its tax sheltering activities: Ernst & Young LLP will pay $123 million to settle a U.S. tax-fraud probe as part of a non- prosecution agreement, according to a statement […]
The E&Y Spy Story Is Even Weirder Than We Thought
On Monday we shared the story of Express Scripts suing Ernst & Young and one of its former partners, Donald Gravlin, of stealing a bunch of proprietary information from the company's headquarters in St. Louis. The suit went so far to say that the firm and Gravlin had an "evil motive" and "engaged in unlawful and […]
Express Scripts Accuses Ernst & Young Partner of Being the Worst Corporate Spy Ever
Late on Friday, Bloomberg reported that Express Scripts was suing Ernst & Young and a former E&Y partner for "theft of trade secrets and misappropriation of the pharmacy benefit manager’s confidential and proprietary data." Which is really just a very nice of saying "corporate espionage." And perhaps not surprisingly, the partner in question, Don Gravlin, wasn't […]
Layoffs Watch ’13: Ernst & Young Advisory
Another one bites the dust (via the tip box): There had been some concern among advisory professionals at EY that there could be a downsizing. It finally happened to me today at the [redated for privacy] office. Told that I appear to have topped out at Sr 3 and would not be promoted this year […]
It Appears Some Ernst & Young Employees Cope with Busy Season by Stress Eating
Maybe 40 Chicken McNuggets is a square meal for some. Or maybe there was a bet involved here. We can't really know the full story, but apparently these were put down the other day: Lunch time shenanigans, courtesy of 1 of my seniors and a staff…turns out eating 40 chicken nuggets isn't too hard… twitter.com/EYstaff/status… […]
Citing Lotus Notus, Ernst & Young Instructs Employees to Not Upgrade to Blackberry 10
Most large accounting firms have some kind of "News" section included on their internal web sites. Headlines like "Partner Joe Quoted in Today's Wall Street Journal" and "United Way Honors Firm for Being a Strategic Partner for 20 Years" and other shallow announcements are typical. Most partners and employees couldn't care less about these things but […]
Big 4 “Refer a Friend, Get a Prize” Programs Increasingly Popular
The New York Times reports that both Ernst & Young and Deloitte are among the firms that trust its own people to find the best and brightest experienced hires because it "[saves] time and money" even though "[lengthens] the odds for job seekers without connections, especially among the long-term unemployed." That's a bit of a […]
Big 4 Firms Doing Their Part to Keep the World Economic Forum a Giant Sausage Fest
In case you weren't aware, the World Economic Forum is an annual ego-strokefest held in Davos, Switzerland. It brings together the leaders of business and a whole scrum of other people who are willing to plunk down a metric asston of money to hobnob with other people that are willing to plunk down a metric asston […]
Ernst & Young Announces a Competitive Poaching Frenzy; Deloitte, KPMG Among the Losers
Yesterday Ernst & Young announced the addition of six new M&A and PE professionals to its Transaction Advisory Services practice. It appears that all these professionals were special enough to warrant a press release, however, not specialy enough that it warranted their own individual press releases. Undoubtedly this will become a point of ridicule amongst their […]
Here’s an Unconfirmed Account of Ernst & Young’s Flexible Scheduling in Action
If you take the time to poke through the profiles of the accounting firms on this year's FORTUNE 100 Best Companies to Work For, you would find the following under Ernst & Young's "What Makes It So Great?": Flexible scheduling at the accounting firm allows team members to choose one night each week during busy season […]
Developing: Ernst & Young Auditor’s Life Is About to Become a Living Hell
Much like the flu, it's far too early to say how bad this busy season will be. But this particular case doesn't sound good: We have about 10 days between when the client closes their financials and the earnings release…going to be an intense 10 days… — Life at EY (@EYstaff) January 15, 2013 We'll […]
Big 4 Revenue Bigger Than Ever in 2012
The website Big4.com likes to put out an analysis of the Big 4 firms' revenues every year and we're pretty grateful because we sure as hell don't want to do it. That said, it's largely just a press release for all the firms to remind everyone how much they're crushing it. And although Big4.com "believes […]
The SEC Investigation into Ernst & Young’s Lobbying Activities Isn’t Going to Amount to Much
Late yesterday, Sarah Lynch and Dena Aubin at Reuters reported that the SEC was poking around Ernst & Young's lobbying activities on behalf of audit clients. Apparently the investigation has been going on since Reuters first broke the story back in March that the specialized advisory group of Washington Council Ernst & Young was trotting around […]
Ernst & Young Study Finds That Fraudsters Aren’t So Creative with Code Words Over Email
If you and some cohorts are fed up with walking the straight and narrow, be advised that a recent study by Ernst & Young discovered something that may help assist you in making your future fraudulent endeavor a wild success: Phrases such as “nobody will find out”, “cover up” and “off the books” are […]
Will the Foreclosure Settlement Result in Collateral Damage at the Big 4?
Earlier today, a settlement was reached between federal regulators, led by the Office of the Comptroller of the Currency and the Federal Reserve, and ten banks over foreclosure abuses. Over the past week or so, the New York Times has been reporting that a settlement was expected, imminent and today it was announced that the […]
The PCAOB Has Conveniently Released 2011 Inspection Reports For Deloitte, Grant Thornton and Ernst & Young the Friday Before Christmas
Oh I bet you guys think you're slick for this one! Thanks so much for ruining my Doomsday. So here's what we've got. Let's start with Deloitte: The PCAOB identified a few particular deficiencies it didn't like: The inspection team considered certain of the deficiencies that it observed to be audit failures. Specifically, certain of […]
Reports: Brother of Suspected Newtown Shooter Is Ernst & Young Employee
Earlier today, Ryan Lanza was misidentified as the Sandy Hook Elementary school shooter. It has subsequently been learned that his younger brother, Adam Lanza, was the perpetrator. The Ridge-GlenRock Patch reports that Ryan was at work in Manhattan at Ernst & Young when the shooting occurred and that he has been questioned by Hoboken police: Ryan […]
New York Won’t Be Getting Its Mitts on Ernst & Young’s Lehman Brothers Fees
Nice try, Schneiderman. The New York attorney general has no authority to claim $150 million in fees that Ernst & Young earned from Lehman Brothers Holdings in the years leading up to Lehman's collapse in 2008, a judge ruled on Wednesday. The state had sought the fees as part of a lawsuit against Ernst & Young […]
To Whom It May Going Concern: “You’re an accountant concerned about being around nerds?”
To Whom It May Going Concern is an infrequent feature of some our favorite messages that come across the wire. If you have something important to tell us, email [email protected] with "To Whom It May Going Concern" in the subject line, @ us on Twitter or just yell really loud and maybe we'll hear you. […]
(UPDATE) Canadian Officials Not Impressed with Ernst & Young’s Audits of Sino-Forest
Up until this point, Ernst & Young has seemed perfectly content to see how this Sino-Forest situation (some have called it a "Ponzi scheme") would play out, standing quietly by their audit opinions without so much as a peep*. Canadian regulators, possibly impatient with the radio silence, have decided that they'll open things up, as the Ontario Securities […]
Things Looking Up for Two Ex-Ernst & Young Tax Evasion Specialists; Two Others, Not So Much
For former Ernst & Young lawyers Richard Shapiro and Martin Nissenbaum, things couldn't get much better than a panel of judges overturning the convictions for your roles in selling illegal tax shelters. Their pals Robert Coplan and Brian Vaughn weren't so lucky, however: A three-judge panel of the U.S. Court of Appeals in New York ruled […]
Auditor Musical Chairs: 99¢ Only Stores Splurges on Ernst & Young, Dumps BDO
With a business name like "99¢ Only Stores," no one would blame you if you assumed the company and would try to pinch some pennies on their auditor. It's a commodity service that is just asking to be squeezed, after all. However, sometimes as a public company, you'd like a big name brand on your […]
Inability to Access “Let’s Get it On” Station on Hump Day Not Sitting Well with One Ernst & Young Employee
Ernst & Young has long been known to frustrate employees by blocking a certain Internet radio station, but based on this latest message, now they are risking some employees' safety: EY Boston has blocked Pandora this week. The level of anger is INTENSE. IT people better hide… It's been established that you cannot mess with […]
Maybe Ernst & Young *Can* Save The Global Economy All By Itself
Yeah, there are doubters, but that doesn't mean Black and Yellow isn't going to try like hell to turn this thing around. In addition to the hires in the U.S., E&Y is trying solve employment problems around the world: Tens of thousands of financial services jobs are going in London according to the CEBR. […]
Here’s Another Ernst & Young Jack-o-lantern That You Didn’t Know You Wanted
Last week, a couple of Big 4 employees wanted to share dual love for their firms and All Hallows' Eve. They expressed this by virtue of the age-old tradition of carving jack-o-lanterns. The two offerings were for PwC and Ernst & Young and each featured the firms' respective logos. Despite the enthusiasm from Bob Moritz, […]
PwC Asks That You Look No Further Than the Firm’s Loss of a Client to Ernst & Young as Evidence of a ‘Fiercely Competitive’ Audit Market
Last month when PwC filed a paper with the UK's Competition Commission that contradicted the notion "that the audit market is static and uncompetitive," a Grant Thornton partner damn near soiled himself. Recently, there has been a development that James Chalmers, PwC's head of Assurance in the UK, would like to call attention to: Gas exploration […]
Now We Have an Ernst & Young Jack-o-lantern
Yesterday we learned how you can get into the All Hallow's Eve spirit without dressing up like a paper shredder or Luca Pacioli. A PwC jack-o-lantern is just the thing to get the attention of your friends, neighbors, and, apparently, the boss this Halloween season. While mosWell, someone at Ernst & Young was not impressed. […]
Layoffs Watch ’12: Ernst & Young
E&Y Down Under is getting into the act, informing a number of people that their services are no longer needed and the word on the street is that some partners may be next: Big Four accounting firm Ernst & Young Australia has retrenched 89 staff amid rumours that partner performance is under review and will […]
Recruiting Season: Ascending to Public Accounting Royalty; Choosing Between 3 of the Big 4; Doomed to Depression?
Welcome to the latest edition of Recruiting Advice: Take it or Go Screw Yourself. Have a question about recruiting season? Email us at [email protected] and put "Recruiting Season Questions" in the subject line. One programming note – for those of you who are on the hunt for full-time offers this year, be sure to email […]
KPMG Will Probably Jump Ernst & Young in Revenues This Year
This week, Ernst & Young and PwC both released revenue numbers for their most recent fiscal years. Along with Deloitte, who announced their numbers in mid-September, all three firms saw double-digit increases in their advisory/consulting (YEAH, I SAID "CONSULTING") businesses with more modest growth in tax and assurance. KPMG's fiscal year just ended on Sunday, so if […]
Here Are Ernst & Young Chargeable Hour Goals for Fiscal Year 2012
Courtesy of a friend of Going Concern, we bring you the bar that Black and Yellow auditors are trying to jump over for the remainder of the fiscal year*. Yes, I'm sure this isn't news to anyone inside Chez Turley, but we felt that it's important that all non-EY auditors know how hard they are […]
UPDATE: Last Night’s Real Emmy Stars: Ernst & Young
I couldn't possibly care less about the Emmy Awards but apparently some people do so let's address the highlights as they pertain to the topic at hand, shall we? First off, the Big Bang Theory cast apparently paid homage to the all-important Ernst & Young accountants in charge of "tabulating the votes, work[ing] with the […]
Ernst & Young Can’t Save The U.S. Economy All By Itself Now, Can It?
Unemployment in the U.S. is a problem. This is known. Many of you are doing your part by not being unemployed. Good work! You're not part of the problem! Unfortunately, the lot of you are not able to hire hundreds upon hundreds of people and that's what we kinda need. Thankfully, professional service firms like, […]
Let’s Compare the Big Four Accounting Firms to the Four Houses in Harry Potter
Career conundrum got you down? Want someone to tell you how to spend your bonus? Need gift ideas for your secret workplace lover? Email us the questions that burn deep in your loins. Do you think that the Big 4 are comparable to the 4 houses in Harry Potter? Deloitte: Griffindor [sic] PWC: Slytherin […]
The Best Part of Ernst & Young’s International Intern Leadership Conference Had to Be When Jim Turley Laid Down Some Beats
Remember earlier this month when we showed you some images from the Ernst & Young International Intern Leadership Conference? It illustrated just how E&Y rolls out the black and yellow carpet for its interns from across the globe – charter buses, gorilla hugs, and a dude in a Big Bird Yellow tux. We've uncovered more […]
Jim Turley Has All Kinds of Reasons for Supporting LGBT Inclusion
Apologies to Chuck Norris, but Jimbo didn't mention anything about pressure from the White House when he discussed his decision to oppose the Boy Scouts of America's policy of excluding gay members and leaders from its organization at the National Gay and Lesbian Chamber of Commerce conference. From the Windy City Times, in the order that […]
Ernst & Young FSO Will No Longer *Officially* Be Asking Employees to Clock Mandatory Hours
It's been quite the past few days inside Chez Turley with people jumping up and down about their compensation numbers and the firm rolling out a new bonus structure. If that wasn't enough excitement for you, then let the news that the firm's FSO group will officially discontinue the busy season requirement of 55 chargeable […]
Bonus Watch ’13 and Beyond: Ernst & Young Rolls Out Performance Based Bonus Program
As the Black and Yellow comp conversations continue this week, we have some news to share with regards to the firm's bonus structure. Here's a tip that came in late on Friday: Advisory across all of the Americas had their "Super Friday" today (which is why no Advisory people have written in with their comp). […]
(UPDATE) Compensation Watch ’12: The Wait Is Over at Ernst & Young
Well, it's here. After getting everyone worked up a month ago, this week marks the start of Ernst & Young's compensation sit-downs. We've gotten word that some offices got started yesterday, some are starting today, and some start later this week. There are a number of people that have sent us messages who seem to […]
Ernst & Young Tax Associate Forced to Deal with the Slobs Around Him
We all know that when you're in the throes of busy season, a key to an effective team is having people spend as much time at their desks as possible. When the pressure is on, even spending a few minutes to take in some natural light or fresh air could mean the difference between a […]
The First Images Out of Ernst & Young’s International Intern Leadership Conference Are a Tad Disturbing
Ahhh interns, gotta love 'em. Ernst & Young loves them so much they hold a yearly conference for the kids who stand out as best and brightest at Disney World, bringing out 1,800 interns from around the world last year. This year's party has just started but thanks to the EY Careers page on Facebook, […]
Ernst & Young Headquarters to Have Slightly Less Huge Carbon Footprint
5 Times Square just wrapped up a giant light bulb changing exercise and figured a press release was in order: Ernst & Young LLP today announced completion of a lighting retrofit project in its US headquarters in New York City. The project's installation of energy-efficient lighting – one of New York City's largest lighting retrofits […]
Ernst & Young Olympian Gwen Jorgensen Should Be the Firm’s Poster Girl for Successful Flexible Work Arrangements
Big 4 firms are well known for offering flexible working arrangements. They are designed to allow employees to schedule their jobs around life events. On paper, they sound great and even in reality, they work well for the people that take advantage of them. However, for the co-workers of these flex-life folks, we all know […]
Did an Ernst & Young Partner Get Demoted for His Anti-Facial Hair Stance?
In the past week, we have received several tips about an Ernst & Young OMP who was recently demoted to a less-BSD position. While that's the reality, we're certain that any internal messaging took quite a different tone with the partner in question ("PIQ") "transitioning to a client facing role" or some other euphemism for […]
The Boy Scouts Tie Jim Turley’s Hands
The Boy Scouts of America has a difference of opinion with Ernst & Young CEO and BSA board member Jim Turley who last month came out against the Scouts' policy of excluding gays from membership or leadership. In short, "Thanks for your opinion, Jimbo, but we got this." An 11-member special committee, formed discreetly by top […]
Deloitte Achieves Another Unflattering Milestone in Audit Quality
As you well know, the quality of work performed by Big 4 auditors has been called into question aloud on a regular basis since the fall of 2008. Oh sure, you might say that ever since there was a Final 4 (circa 2002) there have been haters, but since we all came to the brink […]
Big Shot NYC Ernst & Young Auditor Visits St. Louis Engagement Team, Makes It Rain Sandwiches
Apparently, lunch is a luxury in some of Ernst & Young's smaller offices. One of my seniors from our NYC office is working in St. Louis this week so we got lunch yesterday — Life at EY (@EYstaff) July 13, 2012 With these kinds of working conditions, maybe unions are a good idea for Big […]
Ernst & Young Flips Deloitte The Bird With Its Latest Partner-Robbing Press Release
Perhaps someone at KPMG is available to counsel Deloitte on how to handle the latest press release out of Uncle Ernie's camp that basically rubs in the fact that EY is busy snatching up Deloitte partners. We're not saying it's suspicious that BOTH of the named partners in the press release happened to do time […]
Comp Watch ’12: Ernst & Young
From the mailbag: When are you going to start a compensation discussion for EY? Let me explain how this works – Adrienne and I are not mind readers. We cannot see you maniacally wringing your hands waiting for something to hit the wire so you have a place to bitch when you find out how […]
Will Ernst & Young FSO Start Forced Rankings Next?
We're getting word things are becoming a little claustrophobic over at Uncle Ernie's house. From the mailbag: In NY – FSO (EY) apparently there are so many high performers at staff 2 that discussions regarding ratings are still ongoing to help normalize the rankings. "Normalize" is never a good word. Animal shelters "normalize" their populations in the […]
Caption This: What’s Going Through Jim Turley’s Head at This Very Uncomfortable Moment?
Traipsing lazily around the Internet the other day looking for old white guys to pin to Pinterest, I came across this unsettling photo of Jim Turley crammed into what appears to be a wine cellar for a photo op from New York Social Diary. Turley and the Mrs. were hobnobbing with the NY bigshots in […]
Ernst & Young’s Global Entrepreneur of the Year Awards Entertainment Cheaps Out a Bit on Special Effects
Did anyone get an invite to the Ernst & Young Global Entrepreneur of the Year Awards? Yeah, me neither. In case you don't have a Google alert set up, Dr. James Mwangi, CEO and Managing Director of Kenya's Equity Bank Limited was named Entrepreneur of the Year in Monte Carlo. EY CEO Jimbo Turley gushed, "Over […]
Ernst & Young’s Jim Turley Comes Out Against Boy Scouts’ Exclusion of Gay Members
JT's already has a sky-high approval rating inside E&Y and with this announcement it seems he's going for wider appeal: "I support the meaningful work of the Boy Scouts in preparing young people for adventure, leadership, learning and service, however the membership policy is not one I would personally endorse," Turley said in a statement […]
Grant Thornton’s New Private Equity Services Managing Director Is a Public Accounting Firm Bicycle
Kevin Hudson is not quite the bounder that Reznick Group's Joe Mudd is, but he has seen a few firms in his day: [Prior to Grant Thornton], Hudson served as a National Director with McGladrey’s Private Equity Services Group and was their Regional Private Equity Leader for the Northeast and Southeast regions. He has more than 19 years of […]