Ernst & Young to split auditing and consulting arms - September 9, 2022

Executive Leadership Briefing

Scientists formed a coalition to study the roots of long COVID with the goal of hastening research on the condition and moving quickly to begin clinical trials for potential treatments. The $15 million project, funded by scientific investment fund Balvi, has the ultimate goal of discovering a treatment for the condition, which affects roughly one in five American adults who had COVID according to the CDC. Many are unable to work as a result. Some experts expressed hope that such studies could provide insight into post-viral illnesses more broadly.

Apple CEO Tim Cook confirmed iPhones will not be switching from iMessage to RCS messaging to fall in line with Android devices, saying demand for the switch is not sufficient. Some iPhone users have complained about messaging compatibility between their devices and Android devices used by friends and family, with green bubbles and pixelated images characterizing the cross-platform exchanges. Apple sees iMessage and a lack of flexibility surrounding RCS as a competitive advantage, with iMessage locking in customers to the Apple ecosystem. Apple’s iPhones have long dominated the smartphone market, although Samsung recently snatched up market share during select quarters over the past two years.

Ivy League university Princeton said it will cover tuition for students whose families make less than $100,000 per year, with the program scheduled to begin in the fall of 2023. Under the plan, roughly 25% of the student body will pay nothing for tuition, food and housing while students from families making over $100,000 will also pay less, according to the school. Although the news is positive for students who are accepted, Princeton’s low acceptance rate means the total number of affected students will be limited. While the new tuition coverage is significant, some financial aid experts noted the news is unlikely to be significant in the higher education world as debate over student debt cancellation has taken center stage.

Consulting firm Ernst & Young announced its plan to split its audit and consulting departments into two separate companies to reduce pressure from regulatory agencies over potential conflicts of interest. Global chairman Carmine Di Sibio said the move will fundamentally change the consulting industry and provide opportunities for clients and partners. Observers predicted the split may lead to an increase in profit and services offered from its consulting arm. The news raised the question of whether other large consulting firms such as Deloitte and KPMG will follow suit, although both companies denied having any plans for a split.

Queen Elizabeth II, the UK’s longest reigning monarch, died Thursday after initial reports of her ailing health. The British crown was assumed by the Queen’s eldest son Charles who is now King Charles III. The event began a series of choreographed procedures for memorializing and transferring power to the next monarch. The Queen’s passing comes at a time of political flux for the United Kingdom following the election of Liz Truss as the new Prime Minister only days earlier. Observers noted the Queen’s passing represents the loss of a steadily neutral political actor as the country has grown more politically divided in recent years.

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