London (Oct. 15, 2002) -- Ernst & Young's worldwide revenues grew nearly $300 million to a record $10.1 billion for fiscal 2002, the Big Four firm said.The increase marks an annual growth rate of 2.7 percent in U.S. dollars.

"It's been a difficult year for our profession. A tough economy has meant we've grown less than we would have liked to, but in our view 2.7 per cent growth is significant given the challenging environment in which we were operating," E&Y chairman James S. Turley said in a statement.

E&Y's Corporate Finance practice posted 9 percent growth, while the firm's assurance and advisory business services practice grew 2.9 percent. The tax and law practices grew 1.5 percent.

The firm scooped up Andersen practices in 57 countries representing more than 25,000 employees. If the transactions were reflected in the 2002 results, Ernst & Young estimated that global revenues would have been between $12 billion and $12.5 billion.

-- Electronic Accountant Newswire staff

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