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Ernst & Young nears OK to proceed with audit-consulting split

Big Four firm to consider initial public offering of split-off non-audit entity

An Ernst & Young branch in Zurich, Switzerland. EY is expected to approve the first restructuring for any large accounting firm since U.S.-based Arthur Andersen collapsed around 20 years ago.   © Reuters

TOKYO/LONDON -- Ernst & Young, one of the Big Four accounting firms, is going to approve a proposal to separate its audit and consulting services within the week, Nikkei has learned.

EY Global is expected to approve a proposal to split off the non-audit businesses to an external entity. The final decision will be made early next year after its partners in member offices in 150 countries vote. If approved, the split is expected to take place as early as the end of 2023.

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