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Erns and young case study

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Erns and young case study

  1. 1. ERNST AND YOUNG CASE STUDY ERNST AND YOUNG CASE STUDY PRESENTED BY : •RASHID ALI •WAHEED MURAD •TANWEER •ZAHID NADEEM 1
  2. 2. Overview of the case CP session Ernst and Young efforts to become global resource and world class client service Advice for McDonald to Sykes Problem solving
  3. 3. OVERVIEW OF ERNST AND YOUNG  Nature of business (audit and assurance, tax, corporate finance) Ref(P, 4 Para 5)  Values statement of E&Y o Doing the Right Things & Protecting Public Interest o People who demonstrate integrity and teaming o People with energy, Enthusiasm and the courage to lead Ref(P,10 EX 1) ERNST AND YOUNG CASE STUDY 3
  4. 4. HISTORY  In 1913 the relationship of Clarkson, gordon and Dilworth was formed. Clarkson gordon and co was part of Arthur Young and company REF(P, 4 Para 3)  In 1939 the firm expended include management consulting services  Ernst and young international was formed in 1989 by the merger of Aurther Young firm including Clarkson, Gordon and Co. with Ernst Whinney. Ref(P, 4 Para 4) ERNST AND YOUNG CASE STUDY 4
  5. 5. HUMAN RESOURCE  Ernst young employed 114,000 people in 670 office in 140 countries  In Canada Ernst and Young employed 3200 people in 13 offices Ref (P, 4 Para 4)  Ernst and young got various awards on HRM practices Ref (P,4 Para 5) ERNST AND YOUNG CASE STUDY 5
  6. 6. HUMAN RESOURCE  Start career as staff accountant with major in audit work  Staff accountants promoted to senior staff accountant  Senior staff accountant to manager  Manager to senior manager and senior manager to partners Ref (P 3, Para 4 and 5) ERNST AND YOUNG CASE STUDY 6
  7. 7. CHANGES IN PUBLIC ACCOUNTING FIRMS  Due to competitive pressure firms diversify businesses portfolio (Legal services) Ref (P, 1 last Para)  Merger of public accounting firms Ref (P, 1 Para 1)  Due to accounting irragulatries in public accounting firms many corporate sector business collapse REF: (p 2 Para 1) ERNST AND YOUNG CASE STUDY 7
  8. 8. CHANGES IN PUBLIC ACCOUNTING FIRMS  In Canada the public accounting firms govern by CICA Ref (P 2 Para last)  Due to these collapse in corporate sector reforms were made which create additional reporting requirements and regulations Ref (P 2 Para 1) ERNST AND YOUNG CASE STUDY 8
  9. 9. Culture of Ernst and Young  The firm support an inclusive environment among its people  The firm “People First” culture was directed to achieve both personal and professional goals  Top 10 Family friendly employer in Canada Ref (P, 4 Para 5) ERNST AND YOUNG CASE STUDY 9
  10. 10. •Hope for your participation ERNST AND YOUNG CASE STUDY 10
  11. 11. Problem solving 1. What are the essential differences between the roles of a staff accountant and a manager? How well has Lauren McDonald explained these differences to Alexandra Sykes? Staff accountants performed a significant amount of the auditing work, Managers had many obligations they reported to the partners and managed a group of staff accountants, including review their performance and aiding in their personal career development. Manger was also responsible for managing their clients performing a detail review of all of the audit work and supervising interaction. Ref (P, 3 pars 3 and 4) I report to counseling partner, just as staff accountant report to manager Ref (P,8para 5) ERNST AND YOUNG CASE STUDY 11
  12. 12.  2. How should staff accountants prepare for the transition to manager?         For transition of staff accountant to manager following steps are fruitful Training Networking conference Training on independence and technical topics Ref (P,7 Para 1, 4) Helped plan, supervise and review the audit engagement Ref (P,11 Exhibit 2) HR related practices (recruiting interviews at Ivey, summer intern candidate visit to office, discussion issue with work team) Should be mentally prepare for handling more than on client (five to six) Ref (P,7 Para 6) Time management (allocation of time to deal with unexpected issue) Ref(P, 8 Para 6) ERNST AND YOUNG CASE STUDY 12
  13. 13. 3. What should Lauren McDonald do to help her staff prepare? What should she do to prepare herself for possible partnership? Lauren McDonald should prepare her staff through providing the knowledge of what your role will be in next step and also incorporating into your current role. McDonald should develop the hard and soft skills necessary to perform adequately at that level as well as those required to be promoted to the next level in the firm. Ref (PP, 9, 4 Para 4, 2) ERNST AND YOUNG CASE STUDY 13

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