EY - moving in with my girlfriend (Senior Assoc) who works for EY and she wants to submit her independence. I own stock in Apple and Amazon which I know are EY clients. I am looking through the EY independence portal. Is it true that no EY employees can own stock in any of their clients like Apple and Amazon? Are these stocks seriously restricted for all employees? I work at PwC and it is very different for us. I’m allowed to own stock in a PwC client as long as it’s not my client. Please help
Yes, this is true
Index funds where the funds themselves aren't audited by ey
This is eye opening because I thought all big 4 had the same rule and we weren’t any different. It’s wild to me that PwC and seem like KPMG have more lenient rules around this. Wonder what Deloitte’s rules are
That is correct. An EY employee or family, including spousal equivalent, can’t own any EY clients. Have her look into the rules for spousal equivalent
That’s wild. That’s not the case at KPMG. As a senior, it’s the same as what OP said about a senior being able to own stocks as long as it’s not their own client.
I wouldn’t waste your time calling. The rule is the rule and they won’t make an exception
Read between the lines
I’d call. Definitely not the case at KPMG. Apparently not the case at pwc, seems weird that one big4 would be different
Prob get a new girlfriend honestly. Don’t sell your stocks for anyone lmao
Someone I know was sitting on about 800,000 in unrealized gains on a certain company and ended up not taking the offer from a Big 4 due to having to sell the stock
Nvidia
So cute you think that someone from a different firm calling EY to complain will matter, they don’t even care what we think! But go off PwC! Fight the power 😂😂
PwC manager and above can’t own anything audited out of their office. Below manager, just can’t own your client.
Yeah, the policy and their independence verification sight (and a lot of people I’ve asked here and on reddit - I know not reliable) say it’s at all levels. I’m calling up independence soon to ask them because I think it’s crazy.
If you keep your finances completely separate (as roommates would) you do not need to report your finances as her spousal equivalent. However, if you plan to combine finances in any way you will be subject to EY independence restrictions. So I think you have a bit of a buffer before you need to dispose of your non compliant stocks.
For Deloitte you can't own any stock in a client you provide services for nor can you own any stock in a client your office provides services for.
Wow, so EY’s rules are the most draconian! Good to know. We can’t own stocks in any client we audit, full stop.
I work at EY a nd my wife at pwc. EY is the strictest on this type of independence. Pwc not as harsh but since we need to appease both firms it's a real investment challenge
I had to sell my Amazon and Apple stock when I joined and I’m not staffed on related engagements. It may be diff for spouse though
Rules vary according to your level.
No they don’t
Or: Girlfriend and I are each buying separate unfurnished empty condos (that just happen to be right next to each other). Then have a guy finish them both out (so he has reason to be there) and discretely put in one of those bookcase doors where you grab the right book and the door opens….You must not work for EY Tax or you would have figured this out by now.
Huh?
I was impacted several times at EY where companies were added to the list. You had to sell immediately.
I’ve owned AMZN since 2018. Divorced my partner and used my settlement to buy a rather large position. There is absolutely no way I sell for what? To be laid off a year or later?