NEW YORK, Jan. 9 /PRNewswire/ -- Ernst & Young Global Limited announced
today that Mitchell & Titus, LLP, the nation's largest minority-owned
accounting firm, has joined as a member of the global organization of
accounting firms. Mitchell & Titus, LLP had announced its intent to join as
a member of Ernst & Young Global in June 2006.
The global Ernst & Young organization consists of separate member firms
in 140 countries, including Ernst & Young LLP in the United States.
Mitchell & Titus will maintain its brand name and continue to operate under
its current ownership through its offices in New York, Philadelphia,
Baltimore, Rutherford, New Jersey and Washington, DC.
Founded in 1974, Mitchell & Titus is currently ranked among the 100
largest accounting firms in the United States. With a staff of more than
125 people, the firm provides auditing, tax and advisory services for
Fortune 1000 companies, entrepreneurial enterprises, not-for-profit
organizations, government entities, and high net-worth individuals.
Mitchell & Titus intends to remain a minority-owned business.
"While there have been many dramatic achievements in our 30 years as a
firm, this is truly a historic milestone for members of Mitchell & Titus,"
said Bert N. Mitchell, Chairman and CEO of Mitchell & Titus. "Despite some
obstacles, we built a firm of quality that has been in a continuum of
growth. As a member firm of Ernst & Young Global Limited, we are better
positioned to continue this growth and to provide clients a unique option
of a minority- owned firm that can draw upon the vast resources of a world
class professional services organization. Ernst & Young shares our passion
for quality and integrity in client engagements, as well as a desire to
enhance opportunities for minorities seeking a career in our profession. We
are excited for the opportunities that lie ahead," Mitchell added.
"Today's announcement truly solidifies Bert Mitchell's legacy in the
accounting profession," said James S. Turley, Chairman and CEO of Ernst &
Young Global Limited. "Having Mitchell & Titus join as a member firm
demonstrates in a very real way our mutual commitment to promoting
diversity in the accounting profession, while maintaining a laser-like
focus on quality in the delivery of client services," Turley added.
As the two client-serving members of the global Ernst & Young
organization operating in the United States, Mitchell & Titus and Ernst &
Young LLP expect to work on some client engagements jointly, in addition to
providing business referrals, where appropriate.
As a member firm of the global Ernst & Young organization, Mitchell &
Titus will follow the organization's quality and risk management and
independence procedures, as well as have access to leading technological
resources and the collective knowledge base of the other member firms
around the world.
A chronicler of the lack of diversity in the accounting profession
throughout his 40-year career, Mitchell notes that 30 years ago fewer than
two out of every thousand CPAs in the United States were African-American.
Ten years ago only one percent of CPAs were African-American. And while
progress has been made in minority hiring, according to a 2004 study by the
American Institute of Certified Public Accountants 23 percent of
accountants hired were minorities (up from 18 percent in 2003); the total
number of African-American accountants hired in 2004 was only 3 percent
(down from 5 percent in 2003).
For the past eight years, Ernst & Young LLP, the U.S. client-serving
member firm of Ernst & Young Global Limited, has been named by Fortune
magazine as one of the "100 Best Companies to Work For." Minorities
currently represent more than 26 percent of all client-serving Ernst &
Young LLP staff. Minority hiring on campuses is at an all time high,
accounting for 28 percent of all off-campus hires at Ernst & Young LLP,
while minorities currently account for 36 percent of experienced hires.
African-Americans currently comprise 6 percent of all staff at Ernst &
Young LLP, with 51 percent in client serving roles.
In addition to significant investments in mentoring, networking and
career development opportunities for minority professionals at the firm,
over the past 10 years Ernst & Young LLP, along with the Ernst & Young
Foundation, has contributed more than $6 million to minority business
students and their organizations to help increase the pool of minority
applicants and new hires for the profession. Recognizing the firm's
commitment to promoting diversity, Black Collegian magazine named Ernst &
Young LLP one of the top 100 Diversity Companies for the fifth consecutive
year. Ernst & Young LLP also was named one of the top 50 companies for
diversity by DiversityInc.
Mitchell has served as president of the New York State Society of
Certified Public Accountants, as well as chairman of the New York State
Board of Accountancy. In addition, he has served as a member of the board
and the Governing Council of the American Institute of Certified Public
Accountants (AICPA) and as president of the Accountants Club of America. A
co-founder and chairman of the National Association of Minority CPA Firms,
Mitchell has also served on the Commissioner's Advisory Group of the
Internal Revenue Service. He has received numerous honors and awards,
including four honorary doctorate degrees and the AICPA's Gold Medal.
About Mitchell & Titus
Mitchell & Titus, LLP is a preeminent provider of auditing, accounting,
tax, and business advisory services. Since the firm's founding in 1974
Mitchell & Titus has become the nation's largest minority-owned accounting
firm, ranking among the top 100 of more than 50,000 accounting firms in the
The growth and success of Mitchell & Titus is directly linked to its
commitment to excellence and quality of services. With an ever growing
number of professionals in its New York City, Rutherford (NJ);
Philadelphia; Baltimore and Washington, DC offices. Mitchell & Titus
assists clients throughout the United States including Fortune 1000
companies, entrepreneurial enterprises, not-for-profit organizations,
government entities, and high net worth individuals who choose Mitchell &
Titus for its knowledgeable, experienced and responsive team.
About Ernst & Young Global Limited
Ernst & Young, a global leader in professional services, is committed
to restoring the public's trust in professional services firms and in the
quality of financial reporting. Its member firms' 107,000 people in 140
countries pursue the highest levels of integrity, quality, and
professionalism in providing a range of sophisticated services centered on
our core competencies of auditing, accounting, tax, and transactions.
Further information about Ernst & Young and its approach to a variety of
business issues can be found at www.ey.com/perspectives. As used in this
paragraph, Ernst & Young refers to the organization of member firms of
Ernst & Young Global Limited, each of which is a separate legal entity.
Ernst & Young Global Limited does not provide services to clients. Ernst &
Young LLP, a Delaware limited liability partnership, is the U.S.
client-serving member firm of Ernst & Young Global Limited.
SOURCE Ernst & Young Global Limited