As first speculated and reported on back in May, Big 4 firm EY is indeed on the verge of splitting its audit and advisory divisions into two separate businesses, according to The Wall Street Journal.
The paper reports that a group of EY leaders met over the Labor Day weekend to work out the details to a plan that would separate the firm’s auditing business from its consulting services. Once approved by the committee, the proposal would move to a vote among EY’s 13,000 partners.
Referred to as “Project Everest” within the firm, the move figures to be a financial boon to those partners, who stand to reap millions in payouts on both side of the divide.
