Fresh from his New Year honours knighthood and his stint as CBI director general, Sir Richard Lambert has been appointed as one of three independent global advisers for Ernst & Young.
The other appointees include Mark Olson, a former chairman of the US Public Company Accounting Oversight Board (PCAOB) and Klaus Mangold, vice chairman of Rothschild Europe and a former CEO of Daimler-Chrysler Services.
With these new non-exec appointments E&Y is following the lead of PwC and KPMG in bringing outside expertise into its governance structure.
The move to appoint non-execs echoes the independent oversight required of listed companies and suggests the Big Four are re-engineering themselves to counter calls for tighter regulation. E&Y, for example, faces a forbidding challenge in the shape of New York state’s civil case arising from the firm’s role as auditor of failed investment bank Lehman Brothers.