Plans to separate the fast-growing audit and advisory operations at Ernst & Young are in early stages of evaluation with no decisions yet made, the company said in a statement.

“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. We are in the early stages of this evaluation, and no decisions have been made.”

Reports of a split between EY’s audit and advisory businesses emerged in the earlier this week, citing three people with knowledge of the plans. The move was said to shut down prospective conflicts of interest arising between the group’s audit operations and its consulting, tax and deal advisory activities.

EY delivered strong revenue growth of 10% to €286m year on year in 2021, up one percentage point from 9% revenue growth over 2020. The consultancy has ambitious plans to recruit 700 new employees by the end of 2022, having already added 450 since the beginning of the year.

“As the most globally integrated professional services organisation, 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,” EY added in its statement regarding the potential split.