The deal between Rio and the London-based firm, which employs more than 140,000 people in 140 countries, was announced at a special ceremony at the Copacabana Palace hotel hat was attended by a group that included James Turley, the chairman and chief executive of Ernst & Young, and Leo Gryner, the chief executive of Rio 2016. 

Other guests attending include Jorge Menegassi, the chief executive of Ernst & Young Terco, along with José Carlos Pinto, the firm's consulting partner, and Maggie Sanchez, the chief commercial and marketing officer of Rio 2016.

Ernst & Young had also been involved in the 2007 Pan American Games in Rio, an event that laid the foundations for the city's successful bid for the Olympics and Paralympics. 

"I am pleased to have the support of a leading firm such as Ernst & Young across a range of professional services in the build-up to organising excellent Games," said Carlos Nuzman, the President of Rio 2016. 

"The complexity of the Olympic Games cannot be underestimated and will only be managed with the assistance of first-class partners."

In Brazil, Ernst & Young Terco is the most comprehensive auditing and consulting firm with more tha 4,100 professionals and offering support services to over 3,400 clients.

"We are very proud to announce and share this great news with all our people in Brazil and the Brazilian market today," said Turley.

"The values for which Ernst & Young Terco is renowned are an excellent match with the Rio 2016 Organising Committee for the Olympic Games.

"We are delighted and honoured to contribute to Rio 2016.

"Rio 2016 recognised our leading market position, our work over the last two decades sponsoring entrepreneurship and our unique people culture."

Among other major events that Ernst & Young is currently involved in include the London 2012 Olympics and Paralympics where they were among the firms responsible for the establishment of the Olympic Delivery Authority (ODA).

They have also previously worked on the 1988 Olympics in Seoul and the 1996 Games in Atlanta. 

Ernst & Young join a roster of sponsors that already includes Bradesco, Bradesco Seguros, Claro and Embratel, who have all signed Tier One deals. 

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