NEW YORK (Reuters) - Ernst & Young
Helped by over 20 percent growth in markets such as Brazil and India, revenues rose to $22.88 billion for the fiscal year ended June 30 2011, up from $21.26 billion in 2010.
Continue Reading Below
A $1.5 billion investment program launched five years ago, the bulk of it earmarked for emerging markets, was a key driver of the results, Ernst & Young said in a statement.
Revenues in Brazil grew 26 percent, while India's rose 22 percent, Africa's rose 19 percent and China's climbed 18 percent, Ernst & Young said.
Like its rivals, Ernst & Young has taken advantage of resurgent demand for consulting and advisory work as revenues from traditional audits leveled off.
Advisory and consulting revenues at Ernst & Young rose 17.5 percent in fiscal 2011 to $4.3 billion, while audit and related services rose 5 percent to $10.6 billion. Revenues from tax services rose 6 percent to $6.0 billion and transaction advisory services revenue rose 7.7 percent to $2.0 billion.
The fast-growing consulting businesses of the Big Four have raised eyebrows among some European Union authorities, who are considering curbs on non-audit services to prevent potential conflicts of interest.
A draft European Union law that was leaked last week called for sharp restrictions on non-audit work.
(Reporting by Dena Aubin)