Bermudian accountants and their global partners at one of the ‘Big Four’ accountancy firms will soon vote over a proposal for a strategic break-up.

The move by EY may mean new directions for the audit and advisory businesses in the face of regulatory concern of potential conflicts of interest in the profession, the Wall Street Journal reported some months ago.

WSJ said a split would be the biggest structural change at a Big Four firm since Arthur Andersen fell apart some 20 years ago.

The potential move would create two giant professional firms. EY last year had global revenue of $40 billion, of which $13.6 billion came from audit work.

A statement on the future of the EY organisation released from London said: “EY’s strategic review of its businesses has progressed, and EY leaders have reached the decision to move forward with partner votes to separate into two distinct, multidisciplinary organisations.

“The next steps include ongoing engagement with partners to provide them with more information in advance of the voting process.

“We expect this phase to continue through the end of the year, with voting expected to begin on a country-by-country basis in late 2022 and conclude in early 2023.”

The statement from Rachel Lloyd, EY global media relations and social media team leader said: “Having carefully considered various options, we firmly believe that we can embrace the changing landscape, build businesses that redefine the future of our professions, create exciting new opportunities, and deliver greater long-term value for EY people, clients and communities.

“EY is proud of its legacy as a leading global professional services organisation. The world is changing, and we have to adapt to continue to thrive and achieve our full potential, while we address the needs of all of our stakeholders.

“We look forward to engaging with EY clients, people, partners and stakeholders to share our bold vision for the future that amplifies our purpose of building a better working world.”