EY managing partner Frank O’Keeffe has a pep in his step as he bounds into the fifth floor office of the accounting firm’s headquarters on Harcourt Street, and offers an elbow bump as a form of welcome.
According to O’Keeffe, about 35 per cent of EY Ireland’s staff were either “promoted or progressed” last year, which seems a huge number. Its diversity is reflected by the fact that there are 53 nationalities at the firm and his aim is to have 35 per cent female equity partners by 2023. “We want to be seen as the best professional services firm in Ireland, not just for clients but also by staff as well.
O’Keeffe says he asked half of the firm’s board to focus on ensuring that the day-to-day business remained strong during the pandemic and continued to focus on its clients, while the other half was asked to work with him on “discovery thinking”. O’Keeffe begins by declaring his “huge respect” for his Big Four rivals, who are “really good businesses” in a “hugely competitive marketplace” before stating that EY’s people and its culture are what make it different to the rest.
Or is it asked about EY Germany’s audit of Wirecard, the payments company that filed for insolvency in 2020 after admitting that €1.9 billion of cash probably never existed. It was one of Europe’s biggest accounting frauds. Of course, the other Big Four firms have had their share of high-profile client collapses over the years, both at home and abroad. EY is not unique in that regard.
Iaasa added that none of the late recording of financial interests caused EY to be in breach of its external independence rules, but it’s not a good look for a professional services firm that prides itself on attention to detail and quality.
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