Strong competition and a slowing economy could pose challenges for Ernst & Young as it looks to stand up a separate consulting brand as part of the planned split of its business.

EY’s leaders last week approved separating the professional-services firm’s consulting and auditing businesses. The move would result in the breaking off of the faster-growing consulting business, which advises on tax issues, deals and corporate strategy. The proposed breakup “provides tremendous opportunities for our people, our clients and our partners,” Carmine Di Sibio, EY’s global chairman, told The Wall Street Journal last week.