In September 2022, EY announced another year of record revenue. They earned 45.4 billion of revenue for their FY 2022. In FY 2021, EY earned $40 billion. This represents growth of $5.4 billion.
Audit earned $14.4 billion in revenue in FY 2022. Audit grew by 8.9% on a year over year basis.
Tax earned $11.3 billion in revenue in FY 2022. Tax grew by 10.5%.
Consulting earning $13.9 billion of revenue in FY 2022. Consulting grew by 27.1%.
Strategy and transactions earned $5.9 billion in FY 2022. Strategy and transactions grew by 25.4%
With EY’s growth in both its consulting and strategy divisions you can now see why they want to split up the firm. Imagine if EY’s consulting practice was independent. They could make much more money and the growth would be tremendous.
They also announced $3.2 billion investment in audit quality. The big 4 always announce these huge investments but no one ever follows up to see what happened with the money and the issues keep recurring.