As first reported by the  the evening of 11 April, EY’s plans to split into two entities has been shelved. According to the FT, EY’s global leadership team sent partners a note to say that the US executive committee had decided “not to move forward with the design of Project Everest.”

However, the FT also reported that in the same note, the global executive team wrote that it remained committed to “creating two world-class organisations that further advance audit quality, independence and client choice.”

Project Everest--the name of the Big Four firm’s plans to split in two--was first , and a decision had been . The split was meant to reduce conflicts of interest between audit and non-audit clients, a concern that had been voiced by the UK’s audit and accounting regulator.

A vote by partners on the split had been delayed repeatedly, most recently in , when US chair and Americas managing partner Julie Boland said during a meeting that the deal needed to be reworked. Snags in the plan centred around how EY’s tax business would be split between the two entities.

Delano has contacted EY Luxembourg for comment.

EY Luxembourg, which employs around 1,800 people,  for the financial year ending 30 June 2022. 61% (€197m) of its revenue came from audit services, while the remaining 39% (€128m) came from advisory, consulting and other non-audit services.