EY plans to spin off audit business in shake-up for industry

Move follows series of high-profile corporate collapses including Carillion and BHS

EY is planning to spin off its audit business, working towards the biggest shake-up of one of the UK's big four accounting and consultancy firms in decades after a series of high-profile corporate collapses including Carillion and BHS.

Senior partners at the firm - formerly known as Ernst & Young - are drafting plans for a voluntary split of the firm's advisory and audit divisions, which was first reported by Michael West Media.