A Leading Culture Of The World 's Largest And Most Globally Coordinated Tax Practices

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EY aspire a leading culture that are committed to doing even more. Even with the demographic trends and globalisation they have built an experienced leadership which offer better services to their clients. EY invest in three vital elements which they believe are important for their company and clients; Inclusiveness, Developments and Engagement. EY has a diverse and broad culture, which is based on experience, leadership and skills against their employees. EY is one of the world’s largest and most globally coordinated tax practices in which they have over 28,000 professional networks in more than 120 countries in order to deliver exceptional services to their clients. EY tax practice is formulated across geographical areas which enable …show more content…

If so, mandatory disclosure benefits informed customers, is neutral for uninformed customers, and harms the seller’’ (Fishman and Hagerty, 2003). Voluntary disclosure is where information is applicable to annual reports when carrying out decision making, however, is not considered a crucial part to financial reporting ‘’Mandatory disclosures provide no new-value information relevant to the capital market only when they establish the credibility of managers voluntary disclosures’’ (Gigler & Hemmer, 1998).

Voluntary disclosure is carried out by Ernst & young, Decembers 4th, 2014 where the Italian parliament introduced a new voluntary disclosure law. This new law simplifies the overall procedure for taxpayers therefore there is a decrease in the number of assets to disclose ‘’Two types of disclosures coincide, it is possible to economize on the process on setting mandatory disclosures’’ (Dye A., 1990). Further to this the ATO also announced a ‘Project DO IT Disclose Offshore Income Today’ which ‘provides taxpayers with the opportunity to voluntary disclose to voluntarily disclose unreported foreign income and assets before these are identified by ATO activity’’ (EY Tax alert, 2014). However, EY has been criticised for ‘’Ernst & Young taking no steps to question or challenge the non-disclosure by Lehman of its use of $50bn (€36.32bn, £32.99bn) of temporary, off-balance- sheet transactions that flattered its financial position’’

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