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As advisors to industry, we provide a valuable benefit, since large businesses are regularly confronted with a bevy of challenges that range from the commonplace, such as not having the internal subject matter experience needed in order to execute upon critical initiatives, to the less mundane, such as perhaps a regulatory mandate to leverage independent third-party consultation.
The list in-between these two examples are vast to be sure and vary greatly in complexity.
At its simplest form, “professional services” is an industry where firms like Ernst & Young provide clients with the right subject matter experience via resources at the right time and place and, of course, at the right price.
This section is specific to Ernst & Young, but more than likely holds true for other firms in the Big Four.
The content intentionally touches on only two of the four divisions, since its purpose is to help further distinguish the concept of organizational groupings used in major professional services firms and to provide some practical perspective on their differences.
It is for that main reason that such a fluid organizational structure must be in place.
It may not look pretty on an organizational chart (that is if you could even find one) but I assure you there is critical logic behind this labyrinth of practices.Advisory, on the other hand, is more similar to a classic management consulting mold.It is not nearly as consistent as Assurance work, but it is one of the fastest growing offerings within the firm.Auditors during the busy season can easily spend sixty or more hours per week combing through data, searching for anomalies, and ultimately preparing reports that highlight their findings to a client.