Congratulations on your offer! Once a company has made a verbal offer, they will not withdraw it unless there are exceptional circumstances. These would be discovering errors in your CV, flaws in your references or a general financial crisis at the firm that led them to re-think their recruitment process.
Withdrawing is pretty exceptional however. For example one city bank recently notified all the graduates it made written offers to earlier this year that they will no longer be able to work for the firm due to financial problems as a result of the credit crisis. The firm couldn’t afford to hire new staff so had to withdraw it’s job offers. However, to sweeten the blow, they did make a pay-off to each graduate of the whole first year’s salary in one go, which was nice!
Basically, don’t worry too much. In your situation I would call E&Y as soon as possible to make it clear you haven’t received anything and that you are still keen on the role. Your documents may have been lost in the post, may have been overlooked through staff incompetence or it might be that the firm have just been too busy to send anything out recently.
Most likely though, E&Y just haven’t gotten round to sending out offer letters because right now is the busiest time of year for graduate recruiters in the city. They’re probably half way through making phone offers and once they’ve done this, they’ll send out all the written letters, etc.
Don’t worry about being squeezed out. E&Y want YOU! - that’s why they gave you an offer! In any case they would probably call to check why you hadn’t returned your forms before they offered the job to someone else.
As I said before, give them a call tomorrow and clarify the situation but you definitely don’t need to stress too much
Let me know what happens!