The memo was sent in response to a report by the Financial Times that said the accounting firm is planning to split its audit and advisory operations worldwide. An EY spokesperson told Reuters the firm routinely evaluates strategic options, but the process is in its early stages. London-based EY is one of the Big Four accounting firms along with Deloitte LLP, PricewaterhouseCoopers and KPMG that audits companies, which also pay fees for consulting and advisory work. In the United States, the country's securities regulator is probing conflicts of interest at the nation's largest accounting firms, the Wall Street Journal had reported in March. The EY spokesperson said any significant changes would only happen in consultation with regulators and after votes by EY partners.

Source: Wall Street Journal May 26, 2022 23:20 UTC