Duncan will take over from Hywel Ball who is standing down later this year and retiring from the Big Four firm after four decades, marking a split in the governance of the firm with a separate chair and managing partner.

In line with the FRC Audit Firm Governance Code, the roles of chair and managing partner have been separated, with Anna Anthony appointed as UK & Ireland regional managing partner in January this year, and now Duncan set to chair the Big Four firm, the first woman in this role at the UK firm.

Following a comprehensive nomination process, Duncan was selected as UK chair by a specially constituted nomination committee, which will also be responsible for selecting members of the LLP board for recommendation to the partners.

As part of the newly agreed governance process, UK equity partners will vote on the membership of the board as a whole, including the chair, before the end of June.

As UK chair, Duncan will be responsible for leading the board, ensuring it works effectively with the management of the firm and provides independent oversight.

Duncan has been with EY for over 30 years, with more than 20 served as a partner, and originally joined the firm as a graduate in 1992 and trained as a chartered accountant. She is currently EY UK head of regulatory and public policy, and a current member of the UK LLP board as well as chair of the firm’s audit committee. She has been the global client service partner and lead audit partner on a number of FTSE 100 companies, and has extensive experience of working with UK and US operations, and with key growth markets in Asia.

Alison Duncan, EY UK chair, said: ‘Having been a member of the UK LLP board for over three years, I understand the importance of having a strong UK chair who can provide oversight and governance of the firm.

‘It is truly an honour and a privilege to have been selected for this role, and I am looking forward to working with Anna Anthony, the board, and our wider partner group as we continue to grow the business, serve our clients and create exceptional careers for EY people.’

Anna Anthony, EY UK & Ireland regional managing partner, said: ‘With more than 30 years of experience, Alison brings a wealth of knowledge and will provide the skills, challenge and oversight needed as we continue to grow and evolve in a rapidly changing macro-economic environment.’

With retirement looming, Hywel Ball, outgoing EY UK chair, added: ‘It has been an honour to lead this incredible organisation over the last five years as UK chair and I’m proud to be handing over the baton to leaders who will continue to drive the next stage of EY’s evolution a firm.

‘Anna and Alison are exceptional leaders who will ensure that EY continues to thrive as a business, whilst also serving the public interest.’