The professional services firm EY, one of the four main companies in this sector, known as the ‘Big Four’, has suspended the plan to segregate its audit and consulting divisions, known internally as the ‘Everest Project’, due to disagreement and the opposition to the project expressed by the company’s subsidiary in the United States, according to various Anglo-Saxon media.
“We have been informed that the executive committee of the United States has decided not to proceed with the design of the ‘Everest Project’. Given its strategic importance to the ‘Everest Project’, we are stopping work on the project,” the statement said. signature on a note, seen by ‘Financial Times’.
However, the firm’s global executive team reportedly indicated that it was still committed to “creating two world-class organizations that further promote audit quality, independence and client choice,” the newspaper notes.
“We recognize the challenges of separating some of our businesses that have the deepest technical expertise in a way that provides both organizations with the capabilities they need to compete in the market effectively,” EY said in the documentation seen by the company. BBC network.
“We also recognize that we need more time to make the necessary investments to prepare the companies for a separation,” the British station reports.
According to the newspaper ‘The Wall Street Journal’, EY would have dedicated more than a year and more than 100 million dollars (92 million euros) to the project, defended by Carmine Di Sibio, president and global CEO of the firm, who He had planned to retire in June, but saw his term extended by two years to carry out the plan and was nominated to lead the resulting consulting firm.
According to the criteria of The Trust Project
