Deloitte has denied the possibility of a separation of its audit practice from the rest of its business, following rumours which emerged yesterday.

A spokesperson for Deloitte said that this speculation was ‘categorically untrue’ and that Deloitte remains ‘committed to our current business model’.

Speculation surrounding such splits is perhaps unsurprising, as rumours began to circulate at the end of May that EY is planning to split its audit practice from the rest of its business.

Last month, IAB looked at what a potential EY split would mean for the audit market and found that a separate EY audit practice would still be the 5th largest network in the world with a total fee income of $13.5bn based on FY21 results.

EY commented at the time: As the most globally integrated professional services organization, we regularly conduct scenario planning and review EY businesses on a global basis to determine that we have the optimal strategy, structure and footprint to focus on delivering high quality audits and exceptional service to all clients across EY service lines. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

 “We routinely evaluate strategic options that may further strengthen EY businesses over the long-term. Any significant changes would only happen in consultation with regulators and after votes by EY partners.

In light of the EY rumours, a spokesperson for PwC said: We are fully committed to our strategy which we announced last year and don’t comment on our competitors.  Our view continues to be that access to a wide range of expertise and competencies is essential to serving our clients and all other stakeholders and delivering high quality services. We are always ready to respond to changes in the regulatory and competitive environment if that becomes necessary, but have no plans to change course."

Additionally, in the UK, the government has announced plans to overhaul the UK audit market through legislation which will allow for Financial Reporting Council (FRC) the ability to transition into the more robust Audit, Reporting and Governance Authority (ARGA), along with greater accountability for big business, and action on Big Four dominance.