Ernst & Young executives are expected to approve plan to split accounting firm

Ernst & Young executives are expected this week to give the go-ahead to splitting up the audit and consulting businesses, paving the way for the biggest shakeup of the accounting profession in more than 20 years, according to people familiar with the matter.

The accounting giant’s global executive committee, which oversees the firm’s worldwide network of 312,000 people, met on Labor Day to finalize plans for a worldwide breakup, people familiar with the matter said. The committee is expected to approve the plan later this week, which would trigger votes on the deal by EY’s roughly 13,000 partners, who stand to make big windfalls averaging more than a million dollars each.

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