More than two dozen separate global teams are working on the complicated, lengthy and risky internal project to separate its auditing and consulting arms.
At EY offices around the world, teams of partners and consultants are working around the clock on the biggest and most complex deal of their careers.
The client is, of course, EY, and the firm’s veteran corporate advisers are well aware of the sheer scale and risk they are taking in pushing forward with this decoupling. By extension, that could affect the nature of how almost $US200 billion of global consulting, auditing and accounting work is handled around the world. It could lead to massive audit-focused firms, and large consulting giants, such as Accenture, being able to pitch for work without worrying about running into regulations around auditor independence.
The global operational split involves 28 global teams working to divide the multidisciplinary firm into a pure audit firm and an independent consultant that will list in the US. The firm’s partners, who generated about $US45 billion in revenue in financial 2022, have been mostly allocated to one of the outfits. About 6000 partners will stay with the audit partnership, and 7000 will head to the consulting company.
The other firms have publicly denied they are pursuing any similar view, but senior partners at these firms have told thethat such a move is probably unavoidable. They point to increasing regulatory pressure around the conflicts that can arise in their corporate auditing work as their consulting arms move into even more varied services and corporate partnerships.
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