EY Reports Strong FY23 Growth with 14% Increase in Global Revenues

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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.

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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.

Disclaimer: The news article is based on the provided information and does not include any additional messages or promotional language.

Frequently Asked Questions (FAQs) Related to the Above News

What was the growth rate of EY's global revenues for the financial year ending June 2023?

EY recorded a growth rate of 14.2% in local currency (9.3% in US dollars) for the financial year ending June 2023.

Which sector experienced the highest growth for EY?

The consulting sector emerged as the fastest growing for EY, experiencing a growth rate of 21.6%.

How much revenue did the tax practice generate for EY during this period?

The tax practice generated $12.01 billion in revenues for EY during this period.

What was the growth rate of EY's assurance business?

The assurance business grew by 11% during this period.

How much did EY invest during the financial year ending June 2023?

EY invested a total of $3.6 billion across various areas during the financial year ending June 2023.

What was the specific allocation for artificial intelligence (AI) initiatives and EY's unified platform?

$1.4 billion was specifically allocated for artificial intelligence (AI) initiatives and the launch of EY's unified platform, EY.ai.

Who is the current EY Global Chairman and CEO?

The current EY Global Chairman and CEO is Carmine Di Sibio.

What is Carmine Di Sibio's vision for EY's success?

Carmine Di Sibio emphasizes the importance of strategic alliances, cutting-edge technologies, and continuous upskilling of EY employees in driving the firm's success.

Will Chairman Sibio continue to oversee EY in the future?

No, Chairman Sibio is set to retire after overseeing the organization until the end of the next financial year in June 2024.

How does EY's performance compare to that of Deloitte?

Both EY and Deloitte, another leading accounting firm, reported strong growth in global revenues. EY achieved $49.4 billion in revenues, while Deloitte reported $64.9 billion for the fiscal year ending May 31, 2023.

What factors contributed to EY's impressive growth in global revenues?

EY's impressive growth in global revenues can be attributed to its focus on innovation, strategic investments, and continuous development of its workforce.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

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