EY announced combined global revenues of US$40b for the financial year ended June 2021. EY also announced a three-year expansion plan and a combined investment spend of US$10b. ‘EY Value Realized’ highlights a commitment to the positive impact that the EY organization has on people, society and clients.
EY recently announced combined global revenues of US$40b for the financial year ended June 2021, an increase of 7.3% in US dollars, a solid result given the global economic impact caused by the COVID-19 pandemic. Over the past seven years, the global EY organization has recorded strong 7.3% compound annual growth in local currency.
EY also announced a three-year expansion plan and a combined investment spend of US$10b between FY22 and FY24, which supports the EY NextWave strategy launched in FY20. These investments will further expand capabilities to help EY clients, the people who serve them, and the communities in which EY teams operate, to successfully navigate unprecedented global challenges.
The US$10b investment plan is being made in people, technology and quality management systems to help further build trust in the capital markets by strengthening audit quality, supported by the implementation of technology-driven innovations in risk-based and other audit procedures, including the detection of fraud.
The plan includes $2.5b in technology investment over the next three years, with a strong focus on artificial intelligence (AI), trusted data fabric and disruptive technologies, as well as the wider EY ecosystem of strategic alliances. The plan will also see further buildout of the global client technology platform that underpins EY services and solutions. This platform is currently used by more than 1m EY clients and processes a volume of 250m transactions daily through the deployment of hybrid and multi-cloud capabilities across 200 countries.
Read more here.
The EY organization also published EY Value Realized, previously the EY Global Review, highlighting a commitment to the measurable, positive impact that the EY organization has on people, society and clients.
EY Value Realized also demonstrates how the integration of environmental, social and governance (ESG) standards into business strategy is leading to transformation across the EY organization and, for the first time, EY reports against the World Economic Forum-International Business Council (WEF-IBC) Stakeholder Capitalism Metrics.
The WEF-IBC Stakeholder Capitalism Metrics include 21 ESG disclosures, against which companies and organizations can report, spanning four key areas; Principles of Governance, the Planet, and People and Prosperity aligned to the United Nations Sustainable Development Goals (UN SDGs). As a member of the WEF-IBC, EY contributed to the collaborative effort of bringing a private sector voice to the importance of addressing ESG issues for long-term success, and reporting progress in a consistent way that can be compared against substantive benchmarks.
Read more here
