US regulator effectively warns EY that it will be unable to use the EY brand at its auditing and consulting arms should the firm proceed with a split.
The US securities regulator has effectively warned EY that it will be unable to share the EY brand with a newly independent consulting firm if it proceeds with a split of its operations.
EY global boss Carmine Di Sibio has said he does not “envision a lot of job cuts” if the firms are split.The SEC discussion paper, published overnight on Monday by acting chief accountant Paul Munter, also outlines the concerns the regulator has that auditing firms that invite outside investment or split off their operations will compromise auditor independence.
In June, Mr Di Sibio told the firm’s partners that the firm’s leaders had asked the SEC for permission to allow it to continue to use the existing EY brand with the consulting company for a period of time. “It would be good if we could have EY in both names,” Mr Di Sibio said during an internal partner call at the time.
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