ey’s leadership in asset management · from fast response time and customised services, as well...
Post on 19-Jun-2020
0 Views
Preview:
TRANSCRIPT
EY’s leadership in asset managementWhy EY?
2 |
EY’s leadership in asset management
Ireland is the location of choice for internationally distributed investment funds, a gateway to establish and service investment funds sold to investors across the globe.
More than 915 fund promoters from over 50 countries have chosen Ireland as their international fund hub.
| 3
The Investment Funds Industry in Ireland
Ireland is Europe’s fastest growing fund servicing centre and hosts the largest hedge fund administration centre in the world, servicing in excess of €2.3 trillion of assets across 12,303 funds.
Did you know...?• ►Irelandisthelargesthedgefund
administrationcentreintheworld
• ►IrelandisamajorandgrowingcentreforinternationallydistributedUCITS
• ►Irelandisaninternationallyrecognised,openandtaxefficientjurisdictionwiththelowestheadlinecorporatetaxintheOCED
• ►Irelandisaleadingdomicileforexchangetradedfunds
• ►IrelandisaleadingEuropeandomicileformoneymarketfunds
• ►Irelandhasthelargestnumberofstockexchangelistedinvestmentfunds
4 |
EY’s leadership in asset management
Leading provider of services to the Irish and global asset management industry
In today’s complex business environment, the asset management and financial services industries demand a dynamic approach to managing uncertainties and opportunities. At Ernst & Young (EY), our integrated and flexible Financial Services team, unique in our profession, works without boundaries between people, disciplines and geography.WearethemostgloballyintegratedBigFourorganisationandbringatrulyborderlessapproachtotheglobalmarketsweserve.Thisuniquestructuredeliversareliable,efficientandhighqualityservicetoourclients.Asaresult,ourclientscanbenefitfromfastresponsetimeandcustomisedservices,aswellasbroad,experiencedteamswithdeepindustryknowledgeandaconsistentapproach.
Did you know...?EYisaleadingproviderofservicestoglobalassetmanagers.
Global money managers• ►EYauditsfundsatover35%ofthetop25globalmoney
managers
• ►EYprovidesservicesto24ofthetop25globalmoneymanagers
Ranking list source: Pensions & Investments, AUM as of 31 December 2010)
Global hedge funds• ►EYauditsfundsatapproximately40%ofthetop100global
hedgefunds
• ►EYprovidestaxservicestoapproximately50%ofthetop100globalhedgefunds
Ranking list source: HF Intelligence’s Global Billion Dollar Club, AUM as of 1 January 2011)
Global fund of hedge funds• ►EYauditsfundsatapproximately40%ofthetop50global
fundofhedgefunds
Ranking list source: HF Journal’s Global 50 for 2010)
Global private equity firms• ►EYauditsfundsat40%ofthetop25globalprivateequity
firms
• ►EYprovidesservicesto89%ofthetop25globalprivateequityfirms
• ►EYprovidestransactionadvisoryservicesto84%ofthetop25globalprivateequityfirms
• ►EYprovidestaxservicesto80%ofthetop25globalprivateequityfirms
Ranking list source: Private Equity International Magazine’s PEI 300 for 2010, ranked by 5-year capital raising)
Note:‘providesservices’meansweserveinanycapacitywhetheraudit,tax,transactions,advisory,orsomecombinationofthese.
| 5
Our primary asset management office locationsHow we can help
New York
Tokyo
Seoul
Moscow
Oslo
RomeSan Francisco
Los Angeles
Toronto
Capetown
Manila
Taipei
Beijing
Rio deJaneiro
Buenos AiresSantiago
Chicago
Dallas
Washington D.C.
Houston
AtlantaSan Jose
Boston
Montreal
Philadelphia
London
Sao Paulo
Zurich
Sydney
Madrid
Bahrain Malta
Milan
Frankfurt
ShanghaiHong Kong
Bahamas
Geneva
New Delhi
Munsbach
Tampa
Cayman Islands
Bermuda
Curacao
DublinAmsterdam
LuxembourgEdinburgh
Tel Aviv
MinneapolisParisJersey
Guernsey
Singapore
Mumbai(Bombay)
Munich
Charlotte
Cincinatti
Denver Kansas City
Milwaukee
Pittsburgh
San Antonio
Bangalore
FATCA (Foreign Account Tax Compliance Act) Collaboratingacrossallofourpractices,wearehelpingassetmanagementclientsassessthecomplianceandoperationalchallengespresentedbynewFATCAlegislation.
Infrastructure, IT and controlsWesupportourassetmanagementclientsastheyrespondtochangingbusinessandregulatoryrequirementsandpositionthemselvesforfuturegrowth.Teamingacrossservicelines,wesupportourclientsneedsrelatedtooperatingmodels,SSAE16/SOC1,SOC2,security,anddatamanagement.
New product developmentWorkingasglobalclientteams,wesupportourclientsastheyconsiderdistribution,emergingandgrowthproducts,theimpactofAIFMD,UCITSIVservices,ETFs,andothers.
Risk and regulatoryTeamingwithourriskandregulatorypractices,wecandeliverastructuredframeworkforriskandgovernanceservicessuchascompliancereadinessassessmentsandSolvencyII.
6|
EY’s leadership in asset management
We provide global services in three main areas
Assurance• Accountingandfinancialreporting
• Externalaudit
• Financialaccountingadvisory
• Fraud,investigationanddisputes
• GIPSandinvestmentperformancereporting
• Serviceorganisationcontrolreporting
Advisory• Performanceimprovement
• Regulatorycompliance
• Riskmanagement
• Quantitative
• Informationtechnology
• Internalaudit
• Globaltreasury
• FATCAadvisory
Tax• Internationaltaxplanning,includingtransferpricingandglobal
taxanalysis
• Jurisdictionaltaxservices(withholding,capitalgains,incomeandtransfertaxes)
• Taxcomplianceservicesforfunds
• Transactiontaxes,e.g.FTT
• Humancapital,includingperformanceandreward
• Taxaccountingandriskadvisory
• Businesstaxcompliance
• Individualtaxplanningandcompliance
• State-of-the-arttaxreporting,compliancereportingandinvestortaxminimisationapproaches
• Hedgefundstructuringfortaxefficiency
• Uncertaintaxposition(FIN48)analysis
• FATCAcompliance
Ass
urance
Advisory
Tax
| 7
AssuranceOurglobalauditmethodologyfocusesonhowyourbusinessworksandonunderstandingtherisksrelatedtofinancialstatementsandinternalcontrolsoverfinancialreporting.Weprovideaflexibleauditframeworkwithasystematicapproachtoplanning.Onthisfoundation,wecollaboratewithclientstocodevelopexpectations,reduceriskandprovideanaudittailoredtotheirneeds.
Ourlong-standingexperienceintheindustryprovidesuswithuncommoninsightsintothespectrumofpotentialrisksandthenecessaryinternalcontrols.Valuationhasincreasinglybecomeoneofthemostchallengingareasthatfundsandtheirboardsofdirectorsface.Inuncertainmarketconditions,coupledwiththeproliferationofevermorecomplexandinnovativefinancialinstrumentsandproductdesigns,fundmanagersdemandanexperiencedandbroadteamofprofessionalstoservethem.Ourauditteamsleveragetheknowledgeandskillsofourentireassetmanagementpractice,includingthoseofinternalvaluationprofessionalsintheareasofderivatives,structuredproductsandprivatecompanyvaluations.
Inaddition,weofferservicescustomisedtomeetyourinternalcontrolreportingneeds.WhetherSAS70examinationsoragreed-uponproceduresforratingagencyagreements,valuationandcomplianceprograms,wewillworkwithyoutofindtheappropriaterecommendationtomeetyourneedsaswellastheneedsofyourusercommunity.
Our IFRS and financial accounting advisory service capabilities
Astheglobaleconomybeginstoemergefromrecenteconomicupheaval,severalkeychangesaretakingplaceacrossthebusinesslandscape.Regulatorsareincreasinglyfocusingonchangingandupdatingfinancialandaccountingstandardstoreflectanewbusinessimperative,withtheultimategoalofeventuallyachievingaconsistentglobalframework.
• ►EYhasaproventrackrecordinsupportingIFRSconversionandaccountingchange/implementationprojects.
• ►Weunderstandtheopportunitiesandchallengesarisingfromimplementingprinciplebasedglobalstandardsacrossawiderangeoflocalmarkets.
• ►Wecanprovideaccesstoawell-establishedglobalUSGAAPandIFRSknowledgenetworkwhichcansupportyourlocalrequirementsandyourclientsreportingdemands.
• ►Wecanuseacceleratorswehavedevelopedtoassistyouinreducingimplementationorconvergencecost,retainingclientsandsupportingbusinessgrowththroughfirstclassservicedelivery.
Fraud investigation and dispute services
Thefinancialserviceslandscapecontinuestoberedefined,asinternalcontrols,riskmanagementandregulatorycompliancehaverisentounprecedentedlevels.Inadditiontothedemandforgreateraccountability,ourclientsmustmanageheightenedscrutinyfromthemediaandpublic.Whenconflictsarise,firmsmustrespondwithspeedandefficiencytoinvestigatetheunderlyingfactsandthenremedytheissue.Ourprofessionalsinvestigateunusualfinancialactivity,performelectronicevidencediscoveryandreviewfinancialreports—allwiththesensitivityandurgencyyourequire.Ourknowledgecomesfromourexperiencedealingwithmattersofaccountingmalpractice,anti-corruptionandregulatorycompliance.
GIPS and investment performance reporting
EY’sInvestmentPerformanceServices(IPS)practicehasassistedtraditionalandalternativeinvestmentmanagersworldwidewiththeimplementationoftheGlobalInvestmentPerformanceStandards.OurIPSpracticeissupportedbyproprietarycommunicationandinfrastructuretechnology,whichallowsourclientstoreceiveup-to-dateinformationinthisrapidlychangingmarketplace,whileprovidingaplatformforeasycommunicationandthepropermanagementofglobalengagements.
Service organisation control reporting
TheincreasingtrendtowardstheglobalisationofAssetManagementorganisationsandtheoutsourcingofbusinessprocesses,coupledwithgreaterdemandsfromstakeholdersfortransparencyandtheimportanceofmanagingandreducingrisks,havemadeISAE3402orSSAE16examinations(formerlySAS70)astrategicpriorityforAssetManagementfirms.Inaworldofchangingauditingstandardsandregulatoryrequirements,AssetManagersmustbeabletoconveytrustandconfidenceintheircontrolsiftheyaretoretainandwinnewcustomers.ASSAE16orISAE3402reportisnotjustatoolformeetingaclient’srequirements.Rather,itisahighlyusefuldescriptionofanAssetManager’scontrols,processesandprocedures—andcanbeusedtocommunicatedetailsofthosecontrolsandprocessestoitsclient.
Ass
urance Advisory
Tax
8|
EY’s leadership in asset management
AdvisoryOurdedicatedassetmanagementpracticehelpsclientscreateascalableoperatingmodel,prepareforgrowth,managerisk,enhanceoperationaleffectivenessandefficiency,maintainadequatecontrols,navigateregulatorycomplianceandleveragetechnology.
Performance improvement advisory services
Financialservicesfirmsmustcontinuouslyimprovetheirperformanceandsustainthatimprovementinarapidlychangingbusinessenvironment.Ourbusinessadvisoryprofessionalsbringtheirexperienceofworkingwithalternativeassetmanagerstohelpourclientsachievesustainableimprovementinperformanceandprofitability.Weassembletherightmultidisciplinaryteams,useconsistentandprovenglobalmethodologiesandtoolsanddrawonthefullbreadthofEY’sglobalreach,capabilitiesandexperience.Weleverageourbroadsectorexperience,deepsubjectmatterknowledgeandthelatestinsightsfromourworkworldwideinhelpingourclientsinstitutechange.
Regulatory compliance advisory services
Newandcomplexregulationscombinedwithincreasingregulatorscrutinyandenforcementcontinuetoexpandtheroleofcompliance.Ourteamhasadepthofknowledgeofboththeregulatorybodiesandtheindustryenvironment.Ourapproachistogobeyondtheidentificationofregulatoryriskstoincludepracticalriskmitigationprogramstailoredtothespecialneedsofyourcompany.
Risk management advisory services
Inthisenvironmentofheightenedstakeholderexpectations,firmsareformalisingtheirriskfunctionstoestablishandputintooperationearlywarningsystems.Wehaveprovenmethodologies,toolsandexperiencetoassistassetmanagementfirmsinidentifying,monitoringandmanagingriskeffectivelyandefficiently.
Quantitative advisory services
Firmsmusteffectivelymeasure,evaluateandmonitorrisk. EY’squantitativeadvisoryservicesteamhashands-onindustryexperience,strongtechnicalskillsandathoroughunderstandingofsupervisory,shareholderandbusinessstakeholderexpectations.Ourquantitativeskillsareappliedinbuildingproprietarymodelsaswellasreviewingandvalidatingservicesforabroadrangeofthird-partyandclient-specificmodels,includingmarketrisk,creditrisk,operationalrisk,pricingandvaluation,economiccapitalandcapitalreserves.
Information technology advisory services
Today’sassetmanagementfirmsfaceabarrageofchallenges:industryregulation,globalisation,competition,complexityofproductsandsecurities,resourceconstraintsandchangingtechnologystandardsandprotocols.Remainingcompetitiveandrespondingeffectivelytothesechallengesrequireanongoingassessmentandstrategicinvestmentinthefirm’stechnologyinfrastructure,dataarchitecture,businessapplicationsandfront-to-backoperatingmodel.Ourinformationtechnologyadvisoryservicespracticefocusesonconnectingbusinesswithtechnologytohelpourclientsmanagetheirtechnologyassetsinanintelligentandefficientmanner.
Internal audit advisory services
Today’sorganisationsneedacomprehensiveapproachtoriskmanagementandcontrolsthatnotonlyidentifiesandmitigatesriskbutalsoimprovesoverallbusinessperformance.Maintainingastronginternalcontrolstructurehasneverbeenmoreimportanttoleadership.Boardmembers,auditcommitteesandseniorexecutivesarebeingchallengedtodevelopandmaintainaninternalcontrolenvironmentthatsatisfiesstakeholders’governanceexpectationsandprovidesafoundationforcomplyingwithfutureregulatoryrequirements.Ourinternalauditprofessionalsarepreparedtomeettheseneeds,thankstotheirextensiveexperiencegainedinprovidinginternalauditservicestobothpublicandprivate,traditionalandalternativeassetmanagersallovertheworld.
Global treasury advisory services
Changingmarketconditions,regulatoryrequirementsandinvestorexpectationsarecreatingnewtreasurychallengesforassetmanagementorganisations.Asfirmsevaluatehowtoeffectivelystructureandutilisetreasuryresourcestosupporttheirorganisations’evolvingbusinessmodels,theyareincreasinglylookingforoutsideassistanceandknowledgeofbestpractices.Ourglobaltreasuryadvisoryservicespracticeispartofanintegratedglobalnetworkoftreasuryprofessionalswhoshareresources,methodologies,industrytrendsandpracticestorecommendsuccessfulapproachestoourassetmanagementclients’treasuryandcashmanagementchallenges.
FATCA advisory services
FATCAisanewareaofUSlegislationenactedinMarch2010thatwillcomeintoeffectfrom1July2014.FATCAwithholdingandinformationreportingrulescreatesignificantcomplianceandoperationschallengesforassetmanagementorganisations.TimelyFATCAassessmentatanearlystagewillhelpfirmsprepareandwillultimatelyminimisecostsandpotentialbusinessissues.OurFATCAengagementexperiencehastaughtusthatFATCAstartsoutasataxprojectbutrapidlymovesintoIT,operations,andultimatelytoimpactmostareasofanassetmanagementfirm.TomeettheFATCAimplementationdeadline,weoffercustomisedtools,afocusedapproachon‘shrinkingtheproblem’andacommitmenttodevelopingacloseworkingrelationshipbetweentax,advisoryandtheorganisation.
Ass
urance Advisory
Tax
| 9
Tax EY’sglobalassetmanagementpracticebringstogetherthebroadindustryandtaxknowledgeofthousandsofprofessionals.Withofficesworldwide,wearetheleadingserviceprovidertohedgefundsandothernontraditionalinvestmentmanagers,bothonshoreandoffshore.Ourclientsbenefitnotonlyfromourexperiencewithnumerousassetmanagersandfundsbutalsofromthedynamicblendofcross-bordertaxservicesweprovidesellers,buyersandfinancialintermediaries.
Weassistfundsinaddressingthecomplexityandchallengesinherentintheirdomesticandglobalstructures.Thebreadthofourtaxservicesrangesfromplanningandtaxauditassistancethroughtaxaccounting,controlsandcompliance.Ourtaxservicesinclude:
• Internationaltaxplanning,includingtransferpricingandglobaltaxanalysis
• Jurisdictionaltaxservices(witholding,capitalgains,incomeandtransfertaxes)
• Taxcomplianceservicesforfunds
• Transactiontaxes,e.g.FTT
• Humancapital,includingperformanceandreward
• Taxaccountingandriskadvisory
• Businesstaxcompliance
• Individualtaxplanningandcompliance
• State-of-the-arttaxreporting,compliancereportingandinvestortaxminimisationapproaches
• Hedgefundstructuringfortaxefficiency
• Uncertaintaxposition(FIN48)analysis
• FATCAcompliance
Thought leadership Weworkproactivelytoprovideourclientswiththelatestinformationontrendsandissuesaffectingtheassetmanagementindustryandvaluetheopportunitiestoshareourconsiderableinsightwithclientsthoughtthoughleadershipandclientbriefings.
Ass
urance Advisory
Tax
10|
EY’s leadership in asset management
Eoin MacManus EoinisMarketsLeaderforFinancialServicesinIreland,andhasover20years’experienceofprovidingauditservicestotheAssetManagementIndustry.HeisanassurancepartnertosomeofthelargesthedgefundsinEurope,inadditiontomanyprominentbanksandinstitutionsthatofferbothregulatedandunregulatedproductsinthedomesticandEuropeanassetmanagementmarket.
Tel: +353 1 221 2637Email: eoin.macmanus@ie.ey.com
Aidan TiernanAidanhasmorethan20yearsexperienceintheprovisionofauditandotherassuranceservicestotheassetmanagementandbankingindustries.HisfundauditexperienceincludestheauditsofavarietyofIrishregulatedandoffshorefundsincludingdistresseddebt,loan,structuredproductfunds,privateequityfunds,fundsoffunds,moneymarketfundsandawidevarietyofalternativeinvestmentfunds.AidanleadsourIrishregulatedfundsauditpracticeandrepresentsIrelandonourEMEIARegulatedFundsGroup.
Tel: +353 1 221 2623 Email: aidan.tiernan@ie.ey.com
Vincent BerginVincentisresponsiblefortheprovisionofauditandstructuringservicestohedgefunds,securitisationvehiclesandnon-retailbanks.Hehasworkedexclusivelyinfinancialservicesfor25years.HehasworkedwithsomeofEurope’slargesthedgefunds,Ireland’slargestinstitutionsandtheIrishoperationsofUKandEuropeanbanks.
Tel: +353 1 221 2516Email: vincent.bergin@ie.ey.com
Lisa KealyLisaisapartnerintheEYFinancialServicesGroupandhasmorethan18years’experienceintheprovisionofauditandadvisoryservicestothefinancialservicesindustry.LisaspecialisesinassetmanagementandherclientbaseincludesIrishandoffshoreinvestmentfunds,assetmanagementcompanies,administratorsandtreasuryoperations.Lisaleadsthefirm’sEMEIAETFGroup
Tel: +353 1 221 2848Email: lisa.kealy@ie.ey.com
Irish Asset Management Centre contacts OurpartnersareactivelyinvolvedintheinvestmentmanagementcommunitywithinIreland.WearerepresentedonavarietyofprofessionalindustrybodiesincludingtheAlternativeInvestmentManagementAssociation(AIMA)andafoundingmemberoftheIrishFundIndustryAssociation(IFIA).Wearecommittedtoensuringthattheneedsofourclientsareconsideredatallrelevantindustryforums.OurtechnicalteamisinconstantcontactwiththeIFIA,theDepartmentofFinance,theCentralBankofIrelandandtheInstituteofCharteredAccountantsinIrelandamongothers.OurtaxteamisalsoactivelyengagedwithtaxregulatorsandrevenuecommissionersbothinIrelandandinjurisdictionswhichimpactonourclientstodiscussproposedchangestotaxregimesalongwiththeirpotentialimpact.
| 11
Gareth HarmanGarethisresponsiblefortheprovisionofauditandotherservicestofundsindustry.Hehasmorethan13yearsexperienceintheprovisionofauditandadvisoryservicestothefinancialservicesindustry,including5yearswithEY,Bermuda.HehasextensiveexperienceofclientsreportingunderIrishandUKGAAP,USGAAPandInternationalFinancialReportingStandards(IFRS).HeispresentlytheChairmanoftheTechnicalCommitteeoftheIrishFundsIndustryAssociationandamemberoftheEFAMAIFRSWorkingGroup.
Tel: +353 1 221 2581Email: gareth.harman@ie.ey.com
Fergus McNallyFergushasextensiveexperienceofprovidingauditandadvisoryservicestoassetmanagementclients.HesitsontheIrishFundIndustryAssociation’sAlternativeInvestmentCommitteewherehechairstheValuationandOperationssub-committee.Fergusspecialisesinalternativeinvestmentfunds,offshoreinvestmentfundsandassetmanagementcompanies.
Tel: +353 1 221 2599Email: fergus.mcnally@ie.ey.com
Donal O’SullivanDonalisarecognisedexpertontaxationandregulatoryissuesintheassetmanagementindustry.HecurrentlyparticipatesintheIrishFundsIndustryAssociation’sTaxWorkingGroupandisEY’sEMEIASolutionleaderforUCITSIVandPensionandassetpooling.
Tel: +353 1 221 2455Email: donal.osullivan@ie.ey.com
Billy McMahonBillyhasover15yearsexperienceinthefinancialservicestaxationfieldandservesawidevarietyofclients.Hehasextensiveexperienceininternationaltaxstructuring.Hismainareasofexpertiseincludecross-borderstructuring,assetmanagementandsecuritisation.Headvisesclientsonalltaxmattersrelatingtointernationalfundsincludingdirecttaxes,withholdingtaxes,VAT,UCITSIII/IV,theEUSavingsDirective,andassetpoolingstructures.
Tel: +353 1 221 2738Email: billy.mcmahon@ie.ey.com
Cormac MurphyCormacisthepartnerresponsibleforleadingourFinancialServicesRiskAdvisorypracticeinIreland.HeprovidesSAS70assurancetoarangeofassetadministrationandtreasuryservicesorganisations.HeprovidesongoingsupportfortheCentralBankofIrelandinperformingindustrywideAMLthematicreviewsandalsoadvisesonorganisationalstructures,managementinformationsystems,controlreviewsandbusinessplanningadviceforavarietyoffinancialinstitutions.
Tel: +353 1 221 2750Email: cormac.murphy@ie.ey.com
Julie FentonJulieleadsEY’sIrishFraud,InvestigationandDisputeteam.Juliehasmorethan20yearsexperienceinthedeliveryofprofessionalservicestoclientswith10ofthoseworkinginforensicaccounting.Julie’sexperienceinforensicaccountinganddisputeresolutionhasledhertodevelopanarrayofskillswhichcanbeutilisedinallphasesofadisputeprocess.
Tel: +353 1 221 2321Email: julie.fenton@ie.ey.com
Patricia Stack Patriciaisadirectorinourriskadvisoryservicesteamfocusingonprogrammeassuranceandchangemanagement.Shespecialisesinchangemanagementandcommunications.Shehasdevelopedbusinessstrategiesandoperationalmodelsandhasbeenresponsiblefordevelopingandimplementinganumberofchangestrategieswithinthefinancialservicessector.
Tel: +353 1 221 2880Email: patricia.stack@ie.ey.com
Brian Binchy Brianisadirectorinourriskadvisoryservicesteamwith10yearsexperienceworkinginfinancialservices.Headvisesabroadrangeoffinancialinstitutionsontheirregulatoryrequirementsandtheimplicationsofnewlegislation.HehasundertakenimpactassessmentandgapanalysisforfirmsagainstspecificrequirementsincludingSolvencyII,AMLandMiFID.
Tel: +353 1 221 2326Email: brian.binchy@ie.ey.com
EY|Assurance|Tax|Transactions|Advisory
About EY
EYisagloballeaderinassurance,tax,transactionandadvisoryservices.Theinsightsandqualityserviceswedeliverhelpbuildtrustandconfidenceinthecapitalmarketsandineconomiestheworldover.Wedevelopoutstandingleaderswhoteamtodeliveronourpromisestoallofourstakeholders.Insodoing,weplayacriticalroleinbuildingabetterworkingworldforourpeople,forourclientsandforourcommunities.
EYreferstotheglobalorganisationandmayrefertooneormoreofthememberfirmsofErnst&YoungGlobalLimited,eachofwhichisaseparatelegalentity.Ernst&YoungGlobalLimited,aUKcompanylimitedbyguarantee,doesnotprovideservicestoclients.Formoreinformationaboutourorganisation,pleasevisitey.com.
©2013Ernst&Young.PublishedinIreland.AllRightsReserved.
3826.indd10/13.ArtworkbytheBSC(Ireland)
EDNone
TheIrishfirmErnst&YoungisamemberpracticeofErnst&YoungGlobalLimited.ItisauthorisedbytheInstituteofCharteredAccountantsinIrelandtocarryoninvestmentbusinessintheRepublicofIreland.
Ernst&Young,HarcourtCentre,HarcourtStreet,Dublin2,Ireland.
Informationinthispublicationisintendedtoprovideonlyageneraloutlineofthesubjectscovered.Itshouldneitherberegardedascomprehensivenorsufficientformakingdecisions,norshoulditbeusedinplaceofprofessionaladvice.Ernst&Youngacceptsnoresponsibilityforanylossarisingfromanyactiontakenornottaken
byanyoneusingthismaterial.
ey.com
top related