A better working world built by you.

Transcription

1 A better working world built by you. Graduate Opportunities 2015

2 Contents 4 The EY difference 8 Your role at EY 16 Life at EY 18 Student programs Best mind map ever! The result of four different teams bringing together a review of justice processes from seven different countries. Never thought I d learn so much. Completely changed the way I see the world. Lorraine Luo Senior Manager, Assurance 20 Join EY

3 Do you think the world can work better? We do. That s why we re committed to building a better working world. It s not just our purpose. It defines who we are, how we do it and why we do it. But we can t do it without the right people. People who want to work with the best, develop their skills as leaders and create positive change. People who are curious, entrepreneurial and always wanting to reach for more. People who have a global mindset and are open and willing to think and work, beyond their own personal perspectives and borders. People who ll think, act and lead globally because that s how business is now being done. Could you be one of them? One decision, a lifetime of opportunity Wherever your career takes you, the place you start out will shape your career for years to come. By choosing EY, you ll be investing in your future to become whatever you want to be. We ll give you the flexibility to explore different opportunities, so you can create a career that matches your ambition and your life goals. And through learning how to be part of a high performing team, you ll create long-lasting relationships with clients and colleagues: people who can help you to build a better career. A better working world starts with you. 3

4 The EY difference. Work at the heart of global business and be part of a team that includes 205,000 people in more than 150 countries. This cross cultural strength brings together diverse perspectives. It helps us create solutions that our high performing teams use to deliver exceptional client service worldwide. As a global organization, our people are vital to business, industries and economies. EY Greater China is part of the Asia-Pacific Area, and brings together 24 cities, and more than 13,000 people. Working here connects you with global clients and colleagues. It offers you first hand experience of the big issues shaping the business world, giving you a part to play in helping major businesses make informed decisions and grow in a sustainable way. Make a difference to the business world and beyond. EY has proven its own sustainability as a business - we re well over a century old. Our interest in sustainable growth extends beyond our own organization to the wider business world. As well as the value our services deliver, we contribute by backing entrepreneurs, helping to close the education gap for disadvantaged young people, being more aware of green practices in our workplace, and supporting the role of women in business. Very few organizations operate in as many places as EY or employ such a diversity of talented people, connected by a powerful, truly global network. Join us and you become part of that network and all that we are working to achieve. A career with EY really can take you to amazing places. Many lands of opportunity

5 Vision 2020 You don t need to travel the world the world will come to you. To help us achieve our purpose, our detailed plan called Vision 2020 explains how we ll build a better working world through: Building trust and confidence. You ll become a trusted advisor, helping to build trust and confidence in the capital markets and economies, globally. Fostering sustainable growth. It s how we build the careers of our people and support entrepreneurship, education and women in business. Developing talent and leadership. Just as you ll help define us, we ll help define you. We want your experience at EY to be the most valuable of your career! Collaborating globally. We connect with each other cross border and cross services. Power comes from strong networks in accessing knowledge, information and creating solutions. A career at EY is not limited by location or opportunity. True opportunity means working with people in different industries and different cultures from around the world. We don t put you in a box. Instead, we find the opportunities and challenges that best suit your talents and empower your career. #BetterBeginsNow 5

6 The EY difference The EYexperience lasts At EY we invest in our future by investing in our people. We also believe that learning never stops. So from the day you begin, you ll meet people, have experiences and continuously learn skills that will open door after door for you through the course of your career at EY and beyond. Training and development: Preparing you to become one of tomorrow s business leaders. EYU stands for EY and You. It s how we help you to develop your career. Your development starts by being part of our supportive, collaborative team culture mentored by leaders who are passionate about developing you. You bring your talent, enthusiasm and ideas; we support you with the right mix of learning, experiences and coaching. You decide on a career path; we teach you the right skills and give you the right opportunities, so you can progress in your career. And, all the time, your learning will accelerate through mentoring from leaders and subject matter experts lessons that will last a lifetime. Experiences. We place great importance on real world learning. You ll develop critical competencies through planned, high impact experiences with a range of clients. Learning. You ll have access to high-quality, formal learning to give you the skills and knowledge to serve our clients. Coaching. If you have day-to-day questions or run into difficulties, your managers will be there to coach you through these challenges. They ll also be there to advise you on career development and encourage you to take responsibility for your future career. Building on your strengths is just one more way we can build a better working world.

7 a lifetime. We want your experience at EY to be the most valuable of your career. Broaden your horizons. Broaden yourself. For experienced employees, the opportunities to connect globally are almost boundless. We offer opportunities for short-term and long-term domestic and international assignments that take you across service lines, industry sectors and geographies. Being a highly integrated global organization provides many mobility opportunities for high performing senior consultants through the following programs: New Horizons: You have the chance to take a three-month placement in another EY office in a different country. Working at EY gives you the unique chance to develop world-class cross-cultural skills and knowledge. Every day, you ll work with people from different countries and in different industries. Whether it s a physical move or the chance to be part of a diverse virtual team, there are always opportunities to connect with others as we strive to build a better working world. Global Exchange Program: You could go on an month assignment to another country. When you return, you ll share your experience and learning with your team back home. Being part of a dynamic highperforming team: Delivering exceptional client service. Our clients come from entrepreneurial businesses, governments and global organizations; and they all face very different challenges. Because we are connected around the world, we can draw together precisely the right team for every project. That means you ll work with experts from around the world to solve our clients problems in the most effective way. Founded on inclusiveness. Strengthened by diversity. As part of a high-performing team, you ll be encouraged to think in global terms, discover new ideas, build strong relationships with colleagues and deliver exceptional service to our clients. We believe in creating an inclusive culture that respects all people and everything they bring to the table. When differences are celebrated, talented people from all backgrounds have the chance to develop, advance and make more meaningful contributions to our clients and our culture. Whenever you join, however long you stay, the exceptional EY experience lasts a lifetime. 7

8 Your role at EY Building a better working world together how do you want to make a difference? In any of our four business service lines, you ll gain invaluable skills, experience and lifetime contacts that will set you up for a successful career no matter which path you choose. Assurance Do you want to understand what makes a business tick? Do you have a questioning mind? Do you enjoy challenging assumptions? Assurance helps organizations and their investors to understand a company s financial health. It gives them confidence that the results they report provide a true and fair picture of their business. We dig deep to understand a company s financial performance and position, relating details to the big picture and applying our knowledge to get to the right answers. When you work in assurance, you ll develop rewarding client relationships with reputable business leaders in a wide variety of industries. People will see you as a trusted advisor someone who helps them understand what s really going on in their organization. By understanding the different rules that guide business and financial decisions, you ll learn how to investigate, analyze and report on an organization s financial performance. Discover how each part of a business operates and what makes it succeed or fail. By understanding the different rules that guide business and financial decisions, you ll learn how to investigate, analyze and report on an organization s financial performance. What doors will your strong relationships open for you in the future? #amyeyexperience Moving from one office to another is seamless! EY is a truly global organization. The audit methodology is consistent no matter if you are in the US or China. We have access to the same audit tools, use the same formats for audit document preparation and share the same knowledge database globally. I spent three years in the Beijing office before transferring to Toronto. Working with people from different backgrounds improved my communication skills and exposed me to different perspectives when approaching difficult issues. As companies become more globalized, having international experience makes me even more efficient. Jeffrey Tian Manager, Assurance

9 True confidence is knowing that whatever my client s expectations, we can deliver. Join our Assurance practice and you may work in: 1 Audit We re looking for business leaders of the future, so, in this profession, we ll give you every opportunity to build the foundation of a successful career. Working in diverse teams, you ll learn firsthand about a range of different businesses and industry sectors. Through exposure to the world s most admired companies, as well as growing middle-market and entrepreneurial businesses, you ll gain a valuable insight into how companies work and the factors that influence business performance. 2 Financial Accounting Advisory Services Dramatic changes across world markets and ongoing economic uncertainty have had a significant impact to the way that companies report and the complexities they face. As one of our financial accounting advisory professionals, you ll work closely with clients to help them resolve accounting, process, governance and financial issues. You ll be part of a multidisciplinary team working with clients in challenging areas, such as accounting conversions, adoption of new accounting principles, integrated accounting solutions, financial accounting and reporting and corporate governance services. You may also assist with accounting, disclosure and regulatory support, including public offering assistance and improvements to accounting processes and systems. 3 Fraud Investigation and Dispute Services We help our clients deal with the complex issues of fraud, regulatory compliance and business disputes could otherwise detract from their efforts to drive their business forward. We draw on knowledge of fraud assessment, monitoring and prevention to help organizations manage fraud risk more effectively by treating it as a critical business priority. As part of our global network of thousands of fraud investigation and dispute service professionals working in multidisciplinary teams, you ll gain valuable experience across industries and countries. You ll also have the opportunity to increase your subjectmatter knowledge and develop valuable insights into fraud, regulatory compliance, transaction and business disputes. 9

10 Your role at EY EY is a place of freedom, learning and sharing. Every day in EY is an adventure. You ll be faced with challenges but at the same time you ll be provided with all the support you need from managers and colleagues. You ll be handling different tasks but at the same time you ll be armed with solid technical knowledge and Tax Do you have strong analytical skills? Are you good at seeing answers hidden in complex information? Do you want to gain specialized, highly valued knowledge? the best business practice. People here are ready to share with you their fruitful experiences and expertise, being honest and nice. - Vivian Jing Senior, Tax Tax helps businesses to find their way through the maze of ever-changing and highly complex tax regulations, so they can meet all their tax obligations and make better decisions, based on a clear understanding of the risks relating to their tax position. When you work in tax, you ll develop specialist skills in a business area critical to every organization. Business leaders want to get on with running their companies. They need specialist advice to understand the right tax approach and comply with the law. Working in a team of different specialists, you ll gain research and analysis skills as you interpret and apply tax law for a variety of different organizations. Put your tax and experience into practical business advice as you act as a problem solver for your clients. Imagine what you ll achieve with highly valued skills and specialist knowledge!

11 Young Tax Professional of the Year (YTPY) The YTPY program is about identifying and nurturing tax leaders of tomorrow. Created to recognize and develop outstanding young talent, this competition gives participants the chance to share experiences with people from a range of backgrounds and cultures. We re focusing on development before you join the organization. This commitment continues after you join. 1 Business Tax Services Our business tax professionals provide businesses with tax advisory and planning services. You ll work directly with clients ranging from inspiring entrepreneurs to long-established worldwide organizations, developing a breadth and depth of tax and business skills to advance your career. 2 Human Capital Our Human Capital Mobility Services team includes services pertaining to the complexity and challenges of deploying a global workforce. Among other services, it addresses the differing tax, immigration and social security arrangements relating to the employer s globally mobile people. Your ability to work well with people from around the world is fundamental to success. Human Capital s Talent and Reward group is made up of a number of teams who work on the design, benchmarking and implementation of talent and reward programs, with a view to attracting, motivating and retaining a workforce. The HR Performance Improvement team assists our clients in helping to ensure the effectiveness and efficiency of their HR functions and HR team. 3 International Tax Services If you are joining our ITS team, you ll manage global tax risks, meet cross border reporting obligations and deal with transfer pricing issues. You ll assess client tax strategies and exposures, assisting with international tax issues ranging from forward planning, through reporting, to maintaining effective relationships with the tax authorities. You ll help build proactive and integrated global tax strategies that address the tax risks of today s businesses and achieve sustainable growth. 4 International Tax Services Transfer Pricing Our transfer pricing professionals help clients review, document, manage and defend their transfer pricing policies and processes - aligning them with their business strategies. Our talented people work with clients to build the proactive, pragmatic and integrated strategies that address the tax risks of today s businesses and help their businesses achieve their potential. 5 Indirect Tax You ll be given the opportunity to advise on all aspects of indirect taxes. You ll be talking directly to clients and developing both your client relationship and technical tax skills. You ll be building your understanding of taxes on consumption, manufacture and trade; mainly VAT, but also customs duties and excise taxes, insurance premium tax, air passenger duty and a variety of environmental taxes. There will also be the opportunity to deal with national tax bodies, other government departments and international institutions, such as the EU Commission, on behalf of our clients. 6 Transaction Tax Our transaction tax professionals help companies understand the tax implications of their transactions, whether an acquisition, disposal, refinancing, internal restructuring, company integration or an initial public offering. We look after clients of all sizes across all industries, working closely with colleagues from different disciplines. In this dynamic and fast-moving environment, you ll work on a variety of transactions, from acquisitions of small family-owned businesses to significant, newsworthy deals. Each will help you develop the skills and knowledge you need to progress your career. 11

12 Your role at EY Transaction Advisory Services Do you have strong problem-solving skills? Do you work well in demanding situations? Do you want to work in a dynamic, forward-looking environment? Transaction Advisory Services helps businesses and government bodies make big decisions around their capital agenda by advising on how best to raise, preserve, optimize and invest their capital. Do they need to buy a company or merge with a competitor? Should they sell an underperforming business? Do they have the right business model? Working in Transaction Advisory Services puts you in the best position to guide clients making these critical decisions. Very soon you ll get involved in highly strategic projects. You ll see first-hand how important transactions are conceived, crafted and negotiated. You could be part of a team working across Asia-Pacific deals, giving you even greater exposure and opportunity to learn from colleagues across the area. In the process, you ll develop valuable communication and presentation skills, gaining you a reputation as a trusted business advisor by people on both sides of the transaction. Where will this reputation take you? I recently worked on a 6-week engagement with a highly influential, national professional body. We were investigating the organisation s financial affairs, to give their members confidence and find ways of improving their governance. I analysed five years worth of financial reports for 13 entities around the country and also worked with EY HK on the final report. I was also asked to present my findings to the client s Executive Officers around the country. What a great experience! Selina Jiang Manager, Transaction Advisory Services The final client report even included some of my own ideas.

13 Join our Transactions practice and you may work in: 1 Restructuring Services You ll learn how to give integrated, objective advice on restructuring a business, selling or buying a distressed asset, dealing with financial distress and underperformance or improving working capital management. 2 Transaction Support Services Working directly with our clients senior management as part of a team, you ll provide advice on the key transaction drivers, risks and opportunities that create and maintain value from the perspective of both buyers and sellers. 3 Valuation & Business Modeling Services Our V&BM professionals play an integral role in helping clients effectively execute their capital strategy. As a valuation professional, you ll perform high-quality valuations of companies and individual assets for transaction purposes, and to satisfy other corporate, regulatory and accounting requirements. As a business modeling professional, you ll provide modeling support so that clients can make effective strategic decisions. 4 Operational Transaction Services You ll work on some of the world s most complex, high profile engagements, from acquisitions and sales, to restructuring and joint ventures. In the process, you ll develop the skills you need to assist with effective integration and separation strategies, identifying synergies and sources of value enhancement, and advising on risk mitigation and the successful transitioning of operations, functions and people. Regulatory support, including public offering assistance and improvements to accounting processes and systems. 5 Project Finance Services You ll learn how to give responsive and objective advice to both public and private sector organizations. You ll help them assess and evaluate options for delivering projects, debt refinancing, developing financial models and negotiating with the funding community to obtain the most competitive terms. 6 Mergers & Acquisitions Services You ll work closely with senior management of leading organizations of all sizes, from multinationals to smaller entrepreneurial businesses. You ll advise them on how to achieve their strategic capital objectives through business reviews, acquisitions, leveraged transactions, disposals, takeovers and mergers. 7 Capital and Debt Advisory Services You ll help corporate clients and capital providers determine the right capital objectives and strategy, select the right debt and equity products and providers, and transact on the best terms. You ll advise them on their overall capital structuring and debt products, helping to ensure that their transaction financing decisions are made on a well-informed basis. 13

14 Your role at EY Advisory Do you have strong relationship-building skills? Can you see issues from multiple perspectives? Are you good at seeing the big picture? Advisory helps organizations to improve their performance in a dynamic, uncertain world by identifying, investigating and solving complex business problems. When you work in Advisory, you ll help your clients transform their businesses by helping them see new opportunities, respond to change and find smarter ways of operating. Your experiences will be wide and varied, with early responsibility to develop innovative solutions. Apply your technical discipline to a range of technical, operational or business problems that organizations cannot solve themselves. Working in a specialist team, you ll learn to analyze and understand different operational situations and issues across a wide range of industries. Imagine the experience and contacts you will gain. How long will it be before you see your ideas helping to improve your clients business performance? I was askded to the CFO and COO of a US$1.2 billion global entertainment company involved with some of my favourite movies My role was to research how their social media presence compared to global peers and come up with creative ideas to keep this iconic Chinese company relevant to its youthful social media audience. The client gave us total creative freedom. To help us select options for our recommendations, I set up a project room and created a collage of the coolest ideas from around the globe. We looked at what the organisation was doing across social media across the entire business and how it could be improved. Along the way, I interviewed senior people in the company. My presentation changed the way this client operates in the digital world. What an amazing opportunity and such great exposure to global leaders so early in my career! Andy Liu Senior Manager, Advisory

15 1 Performance Improvement Every project I ve worked on has the potential to make a truly global impact. Our clients operate in a world where achieving and sustaining performance is more difficult than ever. Whether this is related to customer, supply chain and operations, finance, IT, strategic direction or people and organizational change, we help them grow and turn their strategy into reality. You can also provide actuarial services to general insurance, life insurance or pensions, using analysis and modeling techniques to develop a thorough understanding of business and technical issues. 2 Risk Good risk management doesn t slow an organization down but helps it go faster. Our teams work with top companies and major public sector organizations to help identify the complex risks they face. We also advise them on how to establish and maintain efficient systems and controls that mitigate business and IT risks. 15

16 Life at EY Work.Play. At EY, our culture is built on a simple motto: One part professional, one part personal. We ve created an environment that values the whole person and provides the right amount of flexibility so all employees can spend time on the things that truly drive them. With flexible working hours, the technology to work remotely and a holistic culture, EY people are finding the balance they need to succeed. We also use industry research to benchmark our salaries at a competitive level for all our people. So, as well as training, development and support you would expect, you can feel confident that you ll be rewarded competitively too. At EY you ll: Enjoy flexibility that grows with you. At EY, flexibility is not one size-fits-all. We ll help you to balance your work and personal responsibilities with different flexible work arrangement options that are appropriate to you and your role. Feel appreciated. A Thank you face to face is powerful, and writing a personal Thank you via the EY ThankU Certificate platform is also touching. Never too late to send a ThankU certificate to someone who has gone that extra mile for you. Making someone feel appreciated and valued is the best gift you can ever give! The people who receive the most ThankU Certificates are further recognized by their leaders every quarter and every year. Feel rewarded. The ExCEED Award is a whole year-round program across all service lines within Greater China which rewards a team or an individual who made a special contribution to our clients. All winners are presented with an ExCEED Award Certificate by their leaders in person and a cash prize. Feel recognized. One of the ways we are continuing to bring our purpose of building a better working world to life is with our new flagship global recognition program, Better begins with you. This peer-based recognition program celebrates you, our brand ambassadors, who are in inspiring ways driving exceptional client service, developing outstanding leaders and teams, strengthening our communities and pursuing innovation. Give back. EY has shown on-going commitment to sharing the responsibility of caring for the community. Whether it s local businesses, disadvantaged people or the environment, we volunteer our skills and time to give back to those in need. Together we can make a difference. Support entrepreneurs around the world. In 1986, we set up the Entrepreneur Of The Year awards. Today, the program covers more than 50 countries and celebrates successful entrepreneurs, giving them the recognition they deserve. It s one of the many ways we support entrepreneurs. Empower women. Supporting women is a key focus of EY. Women represent a significant percentage of our workforce, and are fundamental to EY s growth strategy. EY has been recognized as a Diversity and Inclusiveness Award winner at the Women in Business Leadership Awards, and also has been awarded as a winner of the Most Woman-Friendly International Employer Award 2013 in Greater China. Promote education everywhere. Our support for educational programs spans the globe, from primary through to university education. For example, we help children in Guangxi, Guizhou and Gansu read their first books and, in many places, we help young men and women become the first university graduates in their families. It is not about changing these students into what we deem to be the standard or the norm, but to help them to grow above their potential. Stay fit and well. Enjoy complimentary healthy snacks and fruit and get involved in our interactive wellness, lifestyle and workplace safety programs. Feel included. In our inclusive work environment, we ll listen to and value your opinion. You ll be encouraged to build strong relationships across the world and seek diverse opinions. You ll gain perspective and insights that will help you provide better answers for your clients.

17 Grow. I got involved in CSR field trip to help underprivileged students in Gui Zhou Province, and was glad to work with many warm-hearted people who are passionate about helping others. Steve By participating in the EY Foundation I feel very fortunate to have an opportunity to help disadvantaged people who need support. Sherry Through volunteering and being part of fund raising initiatives, I ve been able to work alongside some amazing people and have a lot of fun in the process! Eva Football is a big part of who I am. I ve played since I was seven. My manager knows how passionate I am about my training, so twice a week she gives me the flexibility to leave early so I can make it to the pitch on time. Marcus 17

18 Student programs How will you progress through our organization? I'm a sophomore year student I'm a penultimate year student EYAcademy Online Application Aptitude Test Manager Assessment Cadet Offer I'm a final year student Internship Program Graduate Program Challenge yourself and develop your practical as well as leadership skills through our 3-year program. EYAcademy is a structured program designed to provide local university students invaluable EY experience through mentoring, skills training, team experiences, networking and internship opportunities in our Hong Kong and Mainland China Offices. This program also provides great opportunities to help you to develop, plan your career and get involved to make a difference in the community. You want real work, real clients and real experience - now. Get a taste of the real world by working during your university breaks. Find out where your skills are valued, while gaining hands-on work experience and professional training. Most importantly, you'll get a sense of our culture and values - and start to see the career you'd like to shape. The relationships you make, and the impression you leave, can help you secure a permanent position after you graduate. Online Application Aptitude Test Manager Assessment internship offer As a graduate, you'll put your knowledge to the test. Build your technical skills. Expand your network. Join us full time when you graduate, and you'll get early responsibility, support and training as you set out to achieve your career ambitions. You'll start creating your future immediately, working with experienced professionals who'll guide you to put your degree into practice. Imagine the confidence and technical skills you'll gain through new experiences with leading clients in different industries. Which career path will you choose as you progress through the organization? Where in the world will you end up? Create your future Give your career a head start: ey.com/cn/en/careers/students Online Application Aptitude Test Manager Assessment Partner Interview Job offer

19 As a graduate, I ll always remember the support from my managers. Working with them across different engagements, I started learning immediately. Every day, they would answer my questions, helping me to better understand my projects. They ve taught me how businesses work and also guided me to create an achievable and measurable career plan. - Nicholas Tsui Staff, Advisory 19

20 Join EY Are you someone who is passionate about creating your future? How to apply Choose Apply Click on Job search and look for opportunities in your preferred location. We consider students and graduates from many disciplines. Allow about 30 minutes to complete the application form. You ll be able to save the application along the way and return to it if you need. Please note, we only accept online applications. Interview and test Be prepared to talk about yourself and discuss specific experiences that help demonstrate relevant skills. We want to get to know you as an individual and discover your interests and talents. We recommend you think about any extracurricular activities, significant academic projects, and work or life experiences that will help us get to know you and assess if you re likely to succeed at EY. You ll be interviewed by a partner or manager, or both, from the service line you ve expressed an interest in joining. This is a great opportunity for you to ask questions and decide whether EY is the right place for you. We may also ask you to complete a written assessment and participate in a group activity. Are you ready for a better career at EY? I excel in all parts of my life You re not just a high academic achiever, you also demonstrate leadership through extra curricular activities and community involvement. I value integrity You have a clear sense of personal and professional accountability and are committed to doing the right thing. I m a team player You are good at listening, learning, sharing, developing and working with others, including those who are different from you. I have energy, enthusiasm and the courage to lead You are passionate and excited about the opportunities at EY, your future and helping us to build a better working world. I respect difference You recognize the value of working with people from different backgrounds and with diverse points of view.

21 Another great session with my mentor. Career development is massive here! Head full of ideas for upcoming projects. Feeling so inspired. Having the right support makes a big difference. - Jeff Zhang Staff Accountant, Assurance 21

22 Connect with us Discover more about your potential career by talking to us on campus or at recruitment fairs, or on our social media platforms like: EY.com/careers EY Facebook

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24 EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organisation, please visit ey.com Ernst & Young, China All Rights Reserved. APAC no ED None This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice.