EY U.K. Creates Independent Audit Oversight, Pay Bodies

Ernst & Young LLP has set up independent boards to oversee its U.K. audit practice and to set auditor pay as it gears up for a partial split of its audit and consulting businesses in the country.

A new committee of independent non-executives will now set auditors’ pay, EY said Monday. EY and the other Big Four firms—Deloitte LLP, KPMG LLP and PwC, also known as PricewaterhouseCoopers LLP—struck a voluntary agreement with the Financial Reporting Council last year to separate auditing from the consulting side of the business by 2024.

• The new audit board is “a significant milestone in ...