EY's Audit Clean Up

 12/2/2025

 

Ernst & Young nominated the executive behind its recent U.S. audit cleanup efforts as the new leader of its U.S. unit as the accounting giant navigates greater use of artificial intelligence.

The governing board nominated Dante D’Egidio as U.S. managing partner from a slate of candidates, with partners expected to vote to approve his appointment in the coming weeks, people familiar with the matter said. The firm informed partners of the nomination Thursday.

D’Egidio has served as vice chair for assurance for EY Americas since 2023 and has been at the firm since 1994. He oversees more than 30,000 people in the U.S. audit business.

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D’Egidio has led the effort to reduce the firm’s U.S. auditing deficiencies. EY expects to achieve its lowest U.S. auditing shortfall rate in 16 years, at or below 9% this year, as the Public Company Accounting Oversight Board wraps up its inspections process for the Big Four accounting firms.

EY has chipped away at the rate, from 46% in 2022, then 37% and 28% in 2023 and 2024, respectively. The firm had the highest deficiency rate among the Big Four—which also includes Deloitte, PricewaterhouseCoopers and KPMG—in the U.S. in those three years.

The firm sought to improve its practices by shedding dozens of audit clients, setting up centralized support teams and relying more on tech tools. EY has said its continuing investments in technology and retaining and training its workforce have been key to shrinking the deficiencies in its audits.

Globally, auditing contributes the largest proportion of EY’s revenue. Audit revenue grew 3.5% to $17.9 billion for the fiscal year ended June 30, compared with a 6.3% increase the previous year.

If approved by the partners, D’Egidio in July would succeed Julie Boland, who led the U.S. operation since 2022. Boland is set to retire from the firm as she would reach the mandatory age 60 retirement and the end of her four-year term.

D’Egidio, who also would have a four-year term, beat out two other candidates for the nomination, Americas financial services leader Shawn Smith and assurance partner Alex Bender, the people said.

The U.S. unit, led by Boland, played a key role in the 2023 blowup of the planned split of EY’s audit and advisory arms. A handful of U.S. audit partners complained that the consulting business was receiving the majority of its lucrative tax business. Carmine Di Sibio, EY’s global chair at the time and the architect of the planned split, was succeeded by Janet Truncale last year.