Jim Turley (Chairman and CEO of Ernst & Young) Essay Example

is his influence in defining a unifying and effective corporate culture for the organization (Center for Audit Quality).

Ernst & Young is in purpose involved mainly with the auditing, risk, tax, and transaction consultation. Just to be appreciated is the fact that of all the professional fields, auditing practices are marked with numerous claims of unethical practices. This is particularly attributed to evidence of failure by the firms to establish and uphold an ethical corporate culture, to serve as a guiding roadmap for the employees. However, under his leadership, Ernst & Young has defined its “Quality in Everything We Do” corporate culture (Ernst & Young). Therefore, Jim Turley has brought the difference of creating a corporate culture in Ernst & Young.

According to available information on the important involvements of Jim, he has contributed immensely in overseeing the improvement of public trust on professional services firms. To achieve this crucial concern for the sustainable social and economic development in the global community, Turley has been actively engaging stakeholders (Center for Audit Quality). Investor confidence is usually defined by the accuracy of financial statements provided by an organization. Indeed, this is what determines the reputation of the organization in the general public.

Therefore, the move by Jim Turley to actively engage stakeholders in the economic sector is quite important in promoting economic prosperity. To serve as an example, by 2002, the American nation witnessed the downfall of various big public corporations such as Enron and WorldCom due to financial scandals. It is with clear evidence from this that investor lost billions of dollars due to misrepresentation of financial statements by these corporations. This

had the end result of compromising the investment confidence of investors in the US stock market.

It is due to this that the efforts by Jim Turley to ensure enhancement of public trust in professional service firms and quality financing reporting is a milestone in building the reputation of Ernst & Young (Price College of Business). Jim Turley has rightly been identified by many as an advocate of change in the accounting practices. From historical records, accounting practices have been marked with numerous irregularities. Indeed, these have formed the underlying reasons behind the downfall of many reputable organizations across the globe.

Although the aim of any investment is to maximize its profitability and thus its capital base, the accounting profession is mandated with the sole obligation of ensuring the fairness between investors and business owners. It is due to this reason that upholding high levels of integrity and professionalism in the accounting field counts (Center for Audit Quality). This struggle can be evident from the many advocacies made by Jim Turley on the importance of appreciating the provisions of new accounting rules such as the Sarbanes-Oxley Act and the International Financial Reporting Standards (Price College of Business).

According to Jim, all involved stakeholders should engage in devoted dialogue for resolving the eminent problems which are being experienced due to the changes being evident in the world capital markets. Just to be appreciated is the fact that although such changes might be perceived to have far reaching implications, the restoration of integrity and professionalism in the accounting sector should be the ultimate goal by all stakeholders (Center for Audit Quality). Another important difference

made Jim Turley in Ernst & Young is the call for the adoption of the unification of global accounting standards.

Jim has been a strong advocate of having standard accounting principles across the globe. Being an international organization serving in 140 countries across the globe, Ernst & Young employees are faced with the problem of localization of accounting standards (Price College of Business). This compromises the effectiveness of having foreign accountants serving in another country. Therefore, the constant calls by Jim Turley for the adoption of standard accounting principles across the global is by all reasoning a sufficient difference in the professional services offered by Ernst & Young.

Interests of Turley outside work As can be clearly evident from his biography, Jim Turley has been actively involved in numerous business and civic organizations (James S, Turley Biography). In nurturing the future of the American nation, Jim has been actively involved in the board of directors of the Boy Scouts of America (James S, Turley Biography). This has the implication that though Jim is a successful member of the community, he believes in helping the sustainable development of a reliable future generation. It is worth to underscore the fact that the youth of the community are mainly guided in character and behavior by the leaders of the society.

Therefore, having Jim Turley in such a position, the influence he impacts on the young generation is invaluable. As the saying goes, all work without play makes jack a dull boy. This indeed is why corporations, which belief in comprehensive employee engagement practice provide for recreational facilities. Such facilities are quite important in enhancing the social

lives of the employees through improved interpersonal relationships. In view of this socially viable responsibility, Jim Turley is currently functioning as a member in the board of directors of National Corporate Theater Fund.

In this position, Jim has influenced the implementation of a communal relationship between employees (Price College of Business). This does not only promote the social living of the employees but also their relations with their families, a vital factor in ensuring sustainable social-economic development in the society. Another important contribution by Jim Turley outside his work is his participation in the Business Roundtable and Transatlantic Business Dialog (Price College of Business). The future of any economy is greatly dependent on the effectiveness of information flow among investors.

According to available statistical evidence, most investors fail due to lack of viable investment advice. This is because, the process of drawing up a strategic business plan as well as the decision making process is evidently based on the knowledge of the management. Nevertheless, the costs of consulting are technically high for many investors. Therefore, the membership of Jim, with his wealth of knowledge in accounting and investment, in Business Roundtable and Transatlantic Business Dialog serve to help many beginners in gaining valuable investment tips.

This serves to ensure equitable economic growth in the society. Conclusion Jim Turley is evidently a role model in the business management world. Through him, the Ernst & Young organization has strengthened it corporate reputation in the global market. He has successfully engaged in nurturing the culture of focusing on quality, integrity, and professionalism in the process of providing professional services (Center for Audit Quality). Jim is

the man behind the development of the “Quality in Everything We Do” corporate culture of the Ernst & Young organization (Ernst & Young).

In addition to these achievements, Jim Turley has been actively involved in social responsibility activities in the community. This include is active role as a member of the board of directors for the Boy Scouts of America, which serve to promote scouting activities in the American community. He is also a member of the Business Roundtable and Transatlantic Business Dialog organizations which function to promote exchange of business information among members. This is crucial for enhancing promotion of sustainable economic development in the whole community.