Ernst & Young Global Ltd. announced that Mitchell & Titus LLP, the country's largest minority-owned accounting firm, is expected to join as a member firm this October.
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. The global Ernst & Young organization consists of separate member firms in 140 countries, including Ernst & Young LLP in the United States.
Founded in 1974, Mitchell & Titus has a staff of more than 125 and 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.
"From where we started, more than 30 years ago, it would have been hard to expect that we would be where we are as a firm today," said Mitchell & Titus chairman and chief executive Bert N. Mitchell, in a statement.
As the two client-serving members of the global Ernst & Young organization operating in the United States, Mitchell & Titus and E&Y LLP expect to work on some client engagements jointly, in addition to providing business referrals where appropriate. Previously, in December 2003, the firms had announced plans to forge an alliance to work together on client engagements, staff training, marketing, and recruiting and diversity efforts.
The latest announcement was made at the National Association of Black Accountants annual convention, taking place this week in Hollywood, Fla.
"The announcement of this new dynamic global partnership here at our conference solidifies the significance of our organization to the accounting industry as a whole," said outgoing NABA president and chief executive Norman Jenkins, in a statement. "We look forward to working with both firms on our continuous efforts to diversify the accounting and finance professions."
Previously on WebCPA:
E&Y, Mitchell & Titus Forge Alliance (Dec. 16, 2003)
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