8 of EY’s Biggest Clients (Ranked By Size)

Big 4 company EY has worked with many Fortune 500 companies – these are 8 of EY’s biggest clients ranked by size and by revenue. We learned that Walmart, Amazon, and Apple are the biggest clients of EY by size. The firm has been serving as their external auditor for years.

With a rich history and offices in over 150 countries, EY is now one of the Big 4 accounting firms. It has a very wide clientele base that expands to different industries. But you might wonder who are its biggest clients by size. 

Some other biggest companies on the EY clientele are: 

• CVS Health
• Alphabet
• General Motors
• Verizon
• AT&T

In this detailed read, I’ll reveal:

• 8 of EY’s biggest clients
• Their size, which is based on revenue

EY’s Biggest Clients

1. Walmart

Walmart Inc. is a popular American multinational retail corporation with a revenue of $611.3 Billion. Its operations span all over the US and include:

• Discount department stores
• Grocery stores
• Hypermarkets

Walmart has entrusted EY with auditing its consolidated financial statements since 1969. With over 54 years of experience with Walmart, the audit firm has gained enough knowledge and expertise to direct its: 

• Accounting policies
• Internal controls
• Global operations
• Financial reporting

(Source)

Latest stats show that EY charged a $25.9 million audit fee and a $1.10 million audit-related fee. The total fee reached $27.75 million.

2. Amazon 

Amazon, Inc. is a US multinational technology company ($514 Billion in revenue). It focuses on services such as: 

• Cloud computing
• Online advertising
• Digital streaming
• e-Commerce 
• AI

Interestingly, Amazon is often known as “One of the most influential economic and cultural forces in the world.” It is also considered as one of the Big Five tech companies. 

So, a company this big needs the auditing services of a reputable firm, and EY never came short. It has served as Amazon’s auditor since 1996. This shows a long-lasting client relationship between both companies (reflecting the trust in EY).

In the most recent fiscal year, EY’s audit fee for Amazon amounted to $22.49 million, with a total audit fee of $25.63 million. 

3. Apple 

Everybody knows Apple is a tech giant, and it is another big EY client. It is renowned for its tech gadgets, such as:

• iPad
• iPhone
• iPods
• Macintosh computers

(Source)

The company’s market cap has exceeded $2 trillion, and its annual revenue totaling $394.3 Billion.

EY’s association with Apple dates back to 2009. Back then, the tech giant decided to replace KPMG (Which had served Apple since 1997).

It is worth noting that the change from KPMG to EY was not due to any dispute or disagreement but due to the reassessing policy of Apple. 

This transition from KPMG was notable! EY has been managing the audits and financial statements of the firm since then.

(Source)

4. CVS Health 

One of the biggest clients of EY is CVS Health Corporation. It is a leading health solutions company in America with a huge revenue of $339.204 Billion (Last year) by offering: 

• Health plans
• Health wellness programs
• Pharmacy services

(Source)

EY has been the auditor of CVS Health since 2007. The consulting firm is responsible for ensuring the integrity and accuracy of the financial reporting of CVS Health. (Source)

I came to know that EY charged $33.54 million for checking their financial records. The charges also included audit fees, taxes, and other associated fees.

5. Alphabet 

Alphabet Inc stands as one of the notable EY clients. It is a global technology firm with a revenue of $289.53 Billion and is known for its extensive portfolio of products and platforms. These include:

• Google Search
• Maps
• YouTube
• Calendar
• Ads
• Google Cloud
• Gmail
• Google Play and others

EY has played an important role in the financial oversight of Alphabet. It has been working as the company’s auditor since 1999. Over the years, EY has consistently provided its auditing expertise to ensure the financial statements of Alphabet meet regulatory standards. 

(Source)

The EY audit fee for their last auditing engagement was $29.85 million. It shows the scale and complexity of Alphabet’s operations. 

The collaboration between these two companies solidifies the reputation of EY as a leading accounting and audit firm. 

6. General Motors 

General Motors is well known for designing, manufacturing, and selling automobiles and automotive parts. It also provides financing services through its subsidiary, General Motors Financial Company. (Source)

The operations of the company are divided into four segments:

• GM Financial 
• GM North America
• Cruise 
• GM International 

I found that the company’s annual revenue is $156.7 Billion, and its market cap is $45.36 Billion.

General Motors has also hired EY as its external auditor, like others on this list. The audit firm has been working on GM financial reports and audits since 2017.
(Source)

Before that, Deloitte was the external auditor of General Motors for over 100 years. GM’s website states, “The decision was made following an extensive and competitive review involving a number of accounting firms, and was not the result of any accounting or auditing disagreements with Deloitte & Touche LLP.” (Source)

7. Verizon 

Verizon is a globally renowned provider of technology and communication services. The company had an impressive revenue of $135.00 Billion last year (a testament to its dominant industry presence). (Source)

EY has played an important part in the Verizon success story for two decades. This is because it has been the company’s external auditor for the last few years and ensures the financial integrity of this telecommunication giant.

EY charges the most from Verizon for its auditing services. I found that its fee amounted to over $50.90 million last year. 

8. AT&T Inc.

One of EY’s biggest clients based on size (revenue) is AT&T Corporation. It is a major American telecommunication brand with a huge revenue of $120.7 billion. 

To my surprise, EY has held the role of its external auditor since 1999. This shows the trusted relationship between the two entities. (Source)

EY works along with the Audit Committee of the Board of Directors of AT&T. Together, they ensure the transparency and accuracy of the financial operations of this telecommunication company. 

They conduct meetings from time to time to review their responsibilities and discuss various aspects related to: 

• Internal accounting controls
• Auditing
• Financial reporting

By doing so, EY maintains the highest accountability and reporting standards for its client, AT&T Inc.

EY’s Biggest Clients By Revenue

The table below will give you an overview of EY clients and their revenue. I’ve also listed some other big companies that have assigned EY the responsibility of their financial reports and audits.