Kyiv Post's Best of Kyiv 2010: Best Tax/Audit Services
Two years on from the worst global downturn in decades, Ernst & Young’s financial performance held steady in 2010, enabling it to earn its third Best of Kyiv prize in a row from Kyiv Post readers and experts.
“This performance is testament to the efforts of our 141,000 people, and I want to thank them for working tirelessly for our clients and colleagues while always demonstrating their unwavering commitment to quality,” said James S. Turley, the company’s chairman and chief executive officer, in Ernst & Young’s 2010 global review.
While Ernst & Young’s combined global revenues for the 2010 financial year remained flat at $21.3 billion, the Ukraine office saw a 30 percent increase from 2009 in hryvnia terms, according to country managing partner Alexei Kredisov.
“We experienced growing demand for various consulting services, including information-technology consultancy, business process improvement and risk management, business integration and alignment and HR consultancy,” Kredisov said. “As we expected, due to the adoption of the tax code, we are seeing an increase in demand for tax consulting and accounting function improvement services.”
He said that although Ernst & Young experts were intimately involved in the development of the tax code, many of their recommendations, which would have made the legislation better, were not taken into account. But this helped them become “strongly positioned to help understand it and apply it correctly.”
What’s more, Ernst & Young’s Kyiv office rebounded with more hires after having its lowest personnel level of 519. Before the economic crisis, the company employed around 650.
The company’s largest revenue growth came from the consulting side. “We retained all of our key clients and developed some promising new ones,” Kredisov said.
Kredisov offered this explanation: “I attribute the increase in demand for Ernst & Young’s management consulting services to be due to the fact that, as all of our key competitors cut their consulting arms and people as part of their cost-cutting measures, we retained and invested in that area. Now we seem to be the largest consulting firm in the country by a big margin, which differentiates us in the eyes of our clients.”
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