I just realized EY has the worst independence requirements. Apparently Deloitte, PWC and KPMG you can buy whatever stocks as long as you are not working on the audit team working at the client. Can you confirm I'm understanding it properly

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E Why?

funnylikesmart

I just moved from EY to D and it’s sooooooo much better here. Self clearing is a dream.

likesmart

Can confirm that Deloitte gives you a chance to self-clear ownership of stock in a restricted entity.

likesmart

As staff or management group (manager and above)? As staff, you need to be independent of your audit client. As a manager (or above) you need to be independent of all audit clients.

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This is the policy for EY at all levels.

If this is true I’m out

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Most likely true... EY Independence requirements are just PIA. But audit is our bread and butter so everyone plays along...

True (for now) if you are below a manger. Once you hit manager the independence restrictions become much more strict if you are in client service. I don’t know if ifs has the same restrictions.

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True.

likefunny

A big reason why I left the firm...

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Meanwhile at our public company

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True

Not true

We're also not allowed to own or use financial services from companies that are audited out of our home office location. Our restrictions are bonkers, believe me the grass isn't greener here

Managers at EY couldn’t own stocks in “restricted” companies when I was there, which means no one EY audits. Say goodbye to FAANG! It was a real pain in the ass, but EY is an audit firm with a consulting practice.

Ironically, despite the independence requirements for stock their client independence is a bit lax (at least in my engagement teams).

I've worked on a public client where my mother, roommate (nonromantic), and close family friend who happens to be a VP worked.

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