A major announcement from professional advisory firm PwC is expected tomorrow, that will also confirm a significant investment programme creating hundreds of new jobs.
It is though not expected to signal any separation of its audit practice in the UK from its consultancy functions, but it is understood it will result in fundamental change.
It comes as the big four accountancy firms in the UK, in PwC, EY, KPMG and Deloitte, are under increasing pressure to act to end their domination in the marketplace, with one route being a separation of their respective audit functions from consultancy activities.
In a recent long-awaited report the Competition and Markets Authority (CMA) it said it had found a "number of deep-seated problems" in the market, including lack of choice and a "fundamental" conflict between audit arms and their larger and more lucrative consultancy divisions.
Partners in PwC were yesterday informed of the new changes and investment plans.
It is understood the firm's announcement relating to its audit practice will see hundreds of new roles being created, which could impact on its Cardiff office.
PwC which in the UK employs 20,000 with 900 partners, declined to comment. It has 25 offices across the UK.
