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EY bosses backing plan to split the Big Four accountancy giant

EY bosses back plan to split Big Four audit and advisory activities

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Unbundling: EY's global leaders have given the green light to a proposal to unbundle audit and advisory activities

Unbundling: EY’s global leaders have given the green light to a proposal to unbundle audit and advisory activities

The accounting industry faces its biggest overhaul in decades after EY bosses approved a plan to split the Big Four firm.

EY’s global leaders have given the green light to a proposal to split its audit and advisory business, meaning the accountancy and audit giant’s fate rests in the hands of its 13,000 partners.

The partners will vote on the proposal in the coming months, but the results will not be known until early 2023.

Voting rules will vary by country, but in the UK 75 percent of its partners must support the plan if it is to be ratified.

EY, Deloitte, KPMG and PwC have come under increasing pressure to shield their audit and advisory arm.

The move is hoped to reduce conflicts of interest following major corporate failures such as Carillion and BHS.

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