Investment into emerging economies has helped propel Ernst &
Young’s combined worldwide revenues to $24.5 billion. This
represents growth of 16 percent (10 percent in local currency [lc] terms).

E&Y remains the third-largest global accountancy network
behind PricewaterhouseCoopers and Deloitte. KPMG has not yet
released its 2008 financial year results but would need to grow by
more than 24 percent in US dollar terms to overtake E&Y on the
revenue league table. This is an unlikely prospect as 24 percent
growth is well above the industry average and KPMG’s financial year
ends later than E&Y’s – meaning its revenues will have been
more affected by the current economic downturn.

E&Y said worldwide growth was fuelled by a strategic focus
to build in emerging markets. Growth was somewhat tempered by audit
efficiencies that were gained as a result of the new US internal
control standard as well as the economic downturn, the network
added.

E&Y experienced its strongest increase across the
Asia-Pacific region, where revenues increased by 34 percent (26
percent lc) to $3.3 billion. E&Y’s EMEIA practice grew 18
percent (8 percent lc) to $11.4 billion and the Americas area
increased 9 percent (7percent lc) to $9.8 billion.

“We are mid-way through a four-year programme that will see us
invest $1 billion, principally in the emerging markets,” E&Y
Global chief operating officer John Ferraro said.

The fastest growing service line across the network was tax,
which increased by 21 percent. Assurance and advisory services
remains the largest revenue generator, increasing by 14percent to
$16.6 billion.