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E&Y growth slows down to 2.7%

London, Oct 14 (Reuters): Accounting giant Ernst & Young said global economic downturn slowed its revenue growth to 2.7 per cent in the year to June 2002, but it expected to return to double-digit growth in the current financial year.

Ernst & Young, one of the big four global accounting groups, said on Monday world-wide revenues increased by $ 300 million to $ 10.1 billion in the year to end-June.

Chairman James Turley said 2002-03 revenues would be above $ 12 billion as the group benefited from higher charges for auditing, a recovering economy and gains from its acquisition of operations from former rival audit firm Andersen.

Businesses are having to pay increased fees to auditors in the wake of a series of global accounting scandals, especially in the United States.

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