EY reported record global revenues of $45.4bn, as its 13,000 partners prepare to vote on a planned break-up of its audit and advisory divisions.
The Big Four accounting firm increased sales by almost 14 per cent in the year to June, with all of its divisions registering higher revenues.
Consulting revenues were up 24.5 per cent to $13.9bn thanks to demand from companies looking to update their technology and reshape their businesses after the pandemic. Sales by EY’s strategy and transactions advisers also rose by more than a fifth.
Audit and assurance, the largest division, increased revenues by 6 per cent to $14.4bn, while the tax department grew 7.9 per cent to $11.3bn.
EY remains the third-largest of the Big Four consultancies, ahead of KPMG but behind Deloitte and PwC. The firms have benefited from rising audit fees and booming demand for consulting and deals advice.
Country-by-country partner votes on EY’s proposed split are due to begin in November and will continue until early 2023.