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

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

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  • Pages: 8 (1999 words)
  • Published: October 17, 2016
  • Type: Autobiography
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Jim Turley has been identified by many as one of the most successful corporate leaders across the globe. Since his ascended to the role of the chairman in 2001 and later in 2003 to become the Chief Executive Officer of Ernst & Young, Jim has been on the forefront in striving to make the organization among the most reputable in the world (James S. Turley Biography). He has successfully cultivated a culture of quality, integrity and professionalism in the organization by acting as an example (Williams).

Just to be noted here is the fact that forming a strong corporate culture is quite instrumental in determining the sustainable long term competitive advantage of an organization. Such a successful struggle by Jim Turley makes him of magnificent influence for many upcoming professionals. According to available statistical information, Ji


m Turley has many interests outside his work. He is consistently engaging stockholders to enhance the integrity and public trust on public service firms (Williams).

He has been on the frontline to oversee the acceptance and appreciation of new accounting rules and regulations such as the Sarbanes-Oxley Act and the International Financial Reporting Standards (Williams). In addition to these, Jim Turley is a member of board of directors in various organizations. This research paper is written a discussion of Jim Turley and the influence he has brought in the business world. A discussion on how Jim influences me is also given.

Jim Turley is currently the chairman and CEO of Ernst & Young organization. Ernst & Young has an estimated over 100,000 employees making it among one of the largest global professional services firm (Erns

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& Young). The firm is mainly engaged in providing auditing, risk, tax and transaction consultation services in 140 countries across the globe. According to available information, Jim Turley started working with Ernst & Young in 1977 at its US office in Houston (Ernst & Young). During his stay at Ernst & Young, Jim has held numerous leadership positions in the organization.

Among the documented leadership positions in Ernst & Young is the position of Metropolitan New York Area Managing Partner of Ernst & Young LLP, which he ascended to in 1998 (James S. Turley Biography). In 2000, Jim was appointed the Deputy Chairman of the organization. Owing to his strong leadership skills and professional experience and appreciation by other leaders of the organization, Jim was elected the Chairman of the board of directors in Ernst & Young July 2001 (James S. Turley Biography). This was followed by his assumption into the position of Chief Executive Officer of the organization in October 2003 (James S. Turley Biography).

On the academic front, Jim Turley is a holder of honors masters and BA degrees in accounting from Rice University (Williams). This is the degree from which he founded the strong accounting professional service provision capability he demonstrates in Ernst & Young. According to available information, it is evident that he enjoys sports with particular interests in playing golf and tennis (James S. Turley Biography). Jim Turley his married to Mrs. Lynne Jim. The couple has a son who is currently aged 26. Why I have an interest in Turley I have a number of reasons for being interested with the leadership success of Jim Turley.

justify">First, just like Jim is a professional in accounting, I have a strong interest in majoring with accounting. Based on this reasoning I find Jim Turley a true role model. He is a defining stronghold on how far successful professionalism can influence the spacing of the global economy. Another reason why I have much interest in Jim is on how he managed to strive for an estimated 28 years to become the Chief Executive Officer in Ernst & Young, one of the largest global professional service providing firm. True from the recorded available information, Jim Turkey joined Ernst & Young in 1977; only to gain prominence from the late 1990s (James S. Turley Biography).

This attribute gives the author a strong belief to trust in the concept of organizational management succession practices. This is evident from the gradual promotions he gained as a leader through the years. Difference made by Turley at Ernst & Young Jim Turley has been evidently identified as one of the most influential leaders in the corporate world. As the Chairman and the CEO of Ernst & Young organization, Jim has been claimed to have lived by a practical on the importance of effectiveness, reliability, and commitment of professional service providers (Center for Audit Quality).

As per his constant claim, a successful professional services organization finds its strong reputation by devotedly focusing of quality, integrity, and professionalism. This practical approach by example brought by Jim has no doubt found its invaluable place in defining the sustainable competitive advantage of the organization in the global market. Another key achievement made by Jim Turley as the Chairman of Ernst & Young organization

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.

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