THE talk around town that global Big Four accounting firm EY could be looking to split its auditing and consulting practices has an all-too-familiar ring to it. Some might remember the Enron debacle at the turn of the century, which forced the collapse of its auditor Arthur Andersen — then one of the world’s Big Five accounting firms.

The resulting tide of mistrust then pressured the other accounting firms to spin off their consulting work from their audit functions. But, over the years, these business lines have found their way back together again — and all the Big Four have both auditing and consulting practices under the same roof once more.

So, who’s to say this break-up-and-get-back-together cycle won’t happen again (assuming the split even takes place, to begin with)? Should we pay the current chatter any heed?