Multinational Ernst & Young (EY), one of the most important professional services firms in the world, is planning a spin-off of its business, separating its audit operations on the one hand and its advisory operations on the other, in what will be one of the most important operations of the year, according to what the newspaper reported this thursday Financial time. In the information, the media cited three sources familiar with the company’s plans who have not disclosed their identities, who have indicated that the process could take “months.”

Asked in this way, sources in the sector have provided correct information from British newspapers and have indicated that it is a proposal under study. In our country, EY audits large companies from various sectors such as Inditex, Amadeus, Enagás, Naturgy, IAG, Siemens-Gamesa, Tubos Reunidos, Prosegur, Logista, Dia, Deoleo or Mercadona.

“As the world’s most integrated professional services organization, we regularly conduct scenario planning and review EY businesses globally to determine that we have the optimal strategy, structure and footprint to focus on providing high quality audits and exceptional service to all EY clients. ,” the company said in a statement.

“We regularly assess strategic options that can further strengthen EY’s business in the long term. Any significant changes will only occur after consultation with the regulator and after voting by the JE partners. We are in the early stages of this evaluation and no decision has been made yet,” the company added in the document.

This EY plan came after the signature of Big Four (Deloitte, EY, PwC, and KPMG) have been heavily criticized for alleged conflicts of interest between their auditing and consulting businesses in countries such as the UK, where they are given until 2024 to present reform plans for their businesses.

The proposal being studied by EY predicts that audit-focused companies will be segregated from other businesses, which will hire experts in areas such as tax to support corporate audits.

“We all need to revisit our positions, but it won’t be quick or instinctive,” said a senior partner at another company. Big Four to Financial timeadding that the regulator’s reaction to EY’s move will affect the responses of other companies, which are likely to be forced to do the same.

Mergers and acquisitions in professional services firms are notoriously difficult because of the need to build consensus among the individual partners who own and operate businesses in each country.

Ernst & Young, which employs more than 312,000 people in more than 150 countries worldwide, is structured as a network of legally separate national member companies that pay fees annually for shared brands, systems and technologies.