EY plan to break up consultancy and audit divisions blocked by US office

Accountancy firm confirms work has stopped on radical scheme after internal concerns about structure

EY has scrapped plans for a radical breakup of its global operations after internal disputes over the potential structure of the new businesses.

The company started laying the groundwork for separating its audit and advisory businesses - under the codename Project Everest - last year, as the big four accounting firms faced mounting criticism about conflicts of interest between the two divisions.