EY, one of the largest accounting firms in the world, has reported strong growth in its global revenues for the financial year ending June 2023. With a 14.2% increase in local currency (9.3% in US dollars), the firm recorded combined global revenues of US$49.4 billion.
The consulting sector emerged as the fastest growing for EY, experiencing a substantial growth rate of 21.6% to reach $16.1 billion. Following closely behind was the tax practice, which achieved a growth rate of 12.2% and generated $12.01 billion in revenues. The assurance business also performed well, growing by 11% and bringing in $15.1 billion. Lastly, strategy and transactions saw an 8.4% growth rate, resulting in $6.01 billion of revenues.
EY attributed its success to significant investments made during the financial year. The firm invested a total of $3.6 billion across various areas, including audit quality, innovation, technology, and people. This investment formed part of a three-year commitment announced in FY21, with a total commitment of $10 billion. Notably, $1.4 billion was specifically allocated for artificial intelligence (AI) initiatives and the launch of EY’s unified platform, EY.ai.
Carmine Di Sibio, EY Global Chairman and CEO, expressed his pride in the company’s growth and emphasized its commitment to creating long-term value for all stakeholders. He highlighted the importance of strategic alliances, cutting-edge technologies, and the continuous upskilling of EY employees in driving the firm’s success.
However, it is worth noting that Chairman Sibio is set to retire following the failure of his plan to separate EY into separate consulting and audit businesses. He will oversee the organization until the end of the next financial year in June 2024.
EY’s strong performance comes on the heels of Deloitte, another leading accounting firm, reporting record global revenue of $64.9 billion for the fiscal year ending May 31, 2023, marking a 14.09% increase in local currency from the previous year.
Overall, EY’s impressive growth in global revenues reflects its focus on innovation, strategic investments, and the continuous development of its workforce. With a commitment to generating long-term value, the firm remains well-positioned in the competitive accounting industry.
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