British-based partners were briefed on the break-up plans several weeks ago, although final details of the process to vote on and approve the deal have yet to be finalised.EY's UK firm has nearly 800 partners, whose votes will be crucial.
The audit firm would continue to be owned by its partners, while the consulting business - which provides advice to companies on areas such as financial restructuring, dealmaking, tax and technology transformation - would seek a listing on a major international stock exchange. In the UK, the collapses of companies including BHS and Carillion have stoked anger about the performance of auditors, prompting moves to create a new statutory regulator.
Deloitte and PricewaterhouseCoopers have both pledged to retain the existing integrated model, while Sky News revealed last week that the boss of KPMG had taken a swipe at EY's plan by implying to colleagues that it was akin to an act of corporate vandalism.
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