Ernst & Young Malta's total revenue for the financial year ended December 31, 2008 amounted to €4,525,000, according to the firm's transparency report for 2008. The revenue was split between statutory audits (28 per cent), tax advisory (29 per cent) and other non-audit (43 per cent).
The European Union's Statutory Audit Directive, adopted in 2006, and recently incorporated into Maltese law, obliges firms auditing public interest entities to publish an annual transparency report.
The report says, however, that the statutory financial statements of Ernst & Young Malta for 2008 have not yet been finalised and issued and the revenue figures presented should be considered as preliminary and may be subject to change.
Mario Galea, Ernst & Young Malta's managing partner, said in the report: "Over the past decade, we have become a highly regulated and closely scrutinised profession. At Ernst & Young Malta we have embraced this increased oversight as we believe it has been good not only for our profession, but also for the functioning of the capital markets as a whole."
The report says that before the firm takes on a new engagement or client it makes sure it can commit sufficient resources to deliver a quality service and that the services the client wants are appropriate for it to provide. It adds that the firm's auditing professionals (including statutory auditors) are required to obtain a least 20 hours of continuing professional education each year and at least 120 hours over a three-year period.
Ernst & Young Malta said in its transparency report that it has independence policies, procedures and tools in place and all its professionals participate in annual independence learning to help maintain the firm's independence when serving audit clients. The report says that the firm's partners and professionals are evaluated and compensated based on criteria that include specific quality and risk management indicators, covering both actions and results.
Ernst & Young Malta's public interest entity clients include APS Bank, Central Bank of Malta, Banif Bank (Malta) and Datatrak Holdings.
Ernst & Young Malta is a member firm of Ernst & Young Global Limited, a UK company limited by guarantee. There are 140 Ernst & Young member firms around the world.
Ernst & Young Malta is the smallest of the four audit firms in Malta which have public interest entity clients. The largest is PricewaterhouseCoopers which had a turnover of €15.4 million in 2008, followed by Deloitte Malta (€10.8 million) and KPMG Malta (€10.63 million).
The European Union's Statutory Audit Directive, adopted in 2006, and recently incorporated into Maltese law, obliges firms auditing public interest entities to publish an annual transparency report.
The report says, however, that the statutory financial statements of Ernst & Young Malta for 2008 have not yet been finalised and issued and the revenue figures presented should be considered as preliminary and may be subject to change.
Mario Galea, Ernst & Young Malta's managing partner, said in the report: "Over the past decade, we have become a highly regulated and closely scrutinised profession. At Ernst & Young Malta we have embraced this increased oversight as we believe it has been good not only for our profession, but also for the functioning of the capital markets as a whole."
The report says that before the firm takes on a new engagement or client it makes sure it can commit sufficient resources to deliver a quality service and that the services the client wants are appropriate for it to provide. It adds that the firm's auditing professionals (including statutory auditors) are required to obtain a least 20 hours of continuing professional education each year and at least 120 hours over a three-year period.
Ernst & Young Malta said in its transparency report that it has independence policies, procedures and tools in place and all its professionals participate in annual independence learning to help maintain the firm's independence when serving audit clients. The report says that the firm's partners and professionals are evaluated and compensated based on criteria that include specific quality and risk management indicators, covering both actions and results.
Ernst & Young Malta's public interest entity clients include APS Bank, Central Bank of Malta, Banif Bank (Malta) and Datatrak Holdings.
Ernst & Young Malta is a member firm of Ernst & Young Global Limited, a UK company limited by guarantee. There are 140 Ernst & Young member firms around the world.
Ernst & Young Malta is the smallest of the four audit firms in Malta which have public interest entity clients. The largest is PricewaterhouseCoopers which had a turnover of €15.4 million in 2008, followed by Deloitte Malta (€10.8 million) and KPMG Malta (€10.63 million).