EY to Spin-Off its Audit Business in a Strategic Move

EY building in Berlin, Germany.

Accounting firm, Ernst & Young (EY), plans to spin off its audit business, working towards the biggest shake-up of one of the UK's extensive four accounting and consultancy firms.

In an internal memo, CEO Carmine Di Sibio said that EY evaluates strategic options to improve its audit quality. This comes after a series of accounting scandals and company failures and pressure for an overhaul of the sector to tackle conflicts of interest at the big four accountancy groups. These groups include EY, KPMG, PricewaterhouseCoopers (PWC), and Deloitte. They also pay fees for consulting and advisory work.

Senior partners at the firm are drafting plansspinoffoluntary split of EY's advisory and audit divisions worldwide. However, Sibio refuted the spinoff in the memo: "No such decisions ha...

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