Ernst & Young is part of the Big Four accounting giants and had the deal gone through, it would have been the biggest shake-up in the accounting industry since the 2002 collapse of Arthur Andersen|Avi1111|CC BY-SA 3.0

Top leaders at Ernst & Young called off its plan to split its consulting and audit divisions—called ‘Project Everest’—after the US affiliate pushed back.

The proposed overhaul of the company, which is one of the Big Four accounting giants, came as regulators called for major industry reforms over conflict of interest and poor working practices.

Had the split gone through, it would have been the biggest shake-up in the accounting industry since the 2002 collapse of Arthur Andersen.