Ernst & Young soars into new age
Ernst & Young soars into new age

Ernst & Young soars into new age

Global professional services corporation Ernst & Young (EY) last week announced that its global revenues for 2013 had amounted to US$25.8 billion (N$258 billion). Recognised as one of the 'Big Four' accounting firms worldwide, EY boasts a working force of 175 000 employees, operating in more than 700 offices and in more than 140 countries, including Namibia. According to EY Global Chief Operating Officer John Ferraro, the notable results stemmed from strong performance across all service lines, including assurance, tax, consulting and advisory services to companies. The firm's emerging market practices, which comprise Turkey, India, the Middle East and Africa, saw revenues grow at a combined rate of 12%, whereas Africa on its own is said to have grown by 11%. “Africa has been a key area of focus for investment by our global firm since we integrated 33 countries into a single operating model across the continent,” EY CEO for Africa Ajen Sita said this week. “The recent opening of EY offices in Cameroon and South Sudan is testament to the investment in Africa and also validates our ongoing commitment to investing in the right people, systems and solutions to allow for knowledge-sharing across geographies, business units and industry sectors,” Sita said. He added that besides the organic growth experienced by the African firm in 2013, the company also made a number of strategic acquisitions over the past 18 months, which it hopes will enhance the breadth and depth of its offered solutions. With regards to future investments, the company's global chairman and CEO Mark Weinberger said it would be setting aside “significant sums” for its emerging markets, in line with its last year launched 'Vision 2020' strategy. “Over the next three years we will spend US$400 million (N$4 billion) on improving our audit methodologies and tools to continue to enhance audit quality. At the same time a major investment in technology and services, US$1.2 billion (N$12 billion) over the next three years, will deliver transformational technologies to help EY better connect with our clients,” Weinberger said. The company also announced its recruitment figures over the year, adding 38 000 full time staff (24 000 graduates and 14 000 experienced hires) and 12 500 interns, growing its headcount to 175 000. The firm expects to hire more than 42 000 full time employees and 13 000 interns in the 2014 financial year. Meanwhile, the global firm underwent a rebranding in July this year, officially replacing its trading name Ernst & Young with the acronym EY. WINDHOEK DENVER ISAACS

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Namibian Sun 2025-08-24

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