EY Wins $263 Million U.S. Navy Audit Contract, No Other Bidders

Ernst & Young LLP has won a giant auditing contract from the U.S. Navy, a vote of confidence in the Big Four firm after the black marks it suffered in the recent Wirecard scandal.

EY was awarded a contract to audit the navy’s financial statements valued at up to $263 million over five years, the U.S. Department Of Defense announced Oct. 30. No other bids were received for the audit.

• The initial contract is for fiscal year 2021 and worth $50 million, with options to extend for another four years.
• EY is facing a regulatory investigation in Germany for ...