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Ernst & Young Endows Accounting Scholarships Fund at Rotman School

Toronto, January 31, 2006 – Two new annual scholarships for doctoral candidates studying and conducting research work in accounting at the University of Toronto’s Joseph L. Rotman School of Management have been established following a generous gift by The Ernst & Young Foundation and the Clarkson Gordon Capital Foundation—foundations supported by donations from current and former partners of Ernst & Young, one of Canada’s leading accounting and professional services firms.

The $540,000 gift to the school will be matched by the Ontario government’s Ontario Student Opportunity Trust Fund, creating the $1,080,000 Ernst & Young Graduate Fund in Memory of Ross M. Skinner.

Mr. Skinner, who passed away in 2003, was an accounting pioneer in Canada, retiring in 1983 after an influential career as a partner of Clarkson Gordon—the firm now known in Canada as Ernst & Young. The new scholarship which bears Mr. Skinner’s name will annually award approximately $20,000 each to two, first-year PhD students pursuing research and studies in accounting at the Rotman School of Management. In a career spanning nearly four decades, Mr. Skinner wrote several influential texts on accounting, contributing significantly to the development of accounting standards.

“The world of accounting has changed dramatically in the past few years,” says Lou Pagnutti, chairman and chief executive officer of Ernst & Young. “Issues of professional standards, international accounting standards, the complexities of financial reporting in a global economy—these are very much front and centre in today’s marketplace, and we would hope young researchers might choose to pursue them in such a way that they will contribute positively to the development of the accounting field, and by extension to the capital markets,” he says.

The scholarships’ endowment was driven by the deep commitment Ernst & Young’s current and retired partners have to post-secondary education in general and to advancing the chartered accounting profession in particular, says Mr. Pagnutti. “Maintaining a very strong academic foundation in accounting is critical in keeping the profession strong. We want to encourage bright minds to conduct research that builds on the thinking of CAs like Ross Skinner, and that contributes to the body of accounting knowledge, which will ultimately improve financial reporting and strengthen the accounting profession.”

“We are thrilled that Rotman students will be receiving funding support for their doctoral research, since scholarships at the PhD level are not common in many business schools,” says Roger Martin, dean of the Rotman School. “This generous gift from Ernst & Young’s current and former partners will help Rotman PhD students produce world-class accounting research in a field that continues to experience dramatic changes.”

The Rotman School is recognized for its strengths in financial and management accounting, auditing, taxation, business law, and information systems. It recently joined forces with the Institute of Chartered Accountants of Ontario (ICAO) to establish a centre to enhance professional accounting education at the University of Toronto and across Ontario’s education system.

The first Ernst & Young Graduate Fund in Memory of Ross M. Skinner scholarships will be awarded for the 2006-07 academic year.


About Ernst & Young

Ernst & Young, a global leader in professional services, is committed to restoring the public’s trust in professional services firms and in the quality of financial reporting. Its 107,000 people in 140 countries pursue the highest levels of integrity, quality, and professionalism in providing a range of sophisticated services centred on our core competencies of auditing, accounting, tax, and transactions. Further information about Ernst & Young and its approach to a variety of business issues can be found at http://www.ey.com/perspectives . Ernst & Young refers to all the members of the global Ernst & Young organization.

About the Joseph L. Rotman School of Management

The University of Toronto’s Joseph L. Rotman School of Management has set out to become one of the world’s top tier business schools. Located in North America’s third largest financial centre, the Rotman School is taking an innovative approach to management education, built around Integrative Thinking™ and Business Design™. For more information and to find out why the Financial Times and Business Week rank Rotman among the leading business schools internationally, visit http://www.rotman.utoronto.ca.