EY, the big four auditor, has assembled a female-dominated shortlist to become the firm’s new UK and Ireland managing partner, paving the way for it to elect a woman to its top British executive position for the first time.

Sky News has learnt that EY partners were briefed on Tuesday that one of Anna Anthony, its managing partner for UK financial services; Kath Barrow, UK and Ireland assurance managing partner; and Stuart Gregory, UK and Ireland managing partner, finance and transformation, will be picked as Hywel Ball’s successor.

The firm is splitting the role of chair and managing partner in accordance with changes to the governance code laid down by the Financial Reporting Council, the audit regulator.

Mr Ball, whose term has been extended on two occasions, said in June that it was time for him to “hand on the baton”.

Insiders said that an elected partner forum comprising a dozen partner representatives would effectively be responsible for nominating the UK&I managing partner.

A separate process will take place to appoint a chair.

In a statement issued to Sky News, an EY spokesperson said: “We have exceptional leaders across our business and have a comprehensive process, run by our elected Partner Forum, to select the next EY UK & Ireland Managing Partner.”

The firm declined to comment on the identities of the three shortlisted candidates.

EY has more than 1,700 partners in the UK, 930 of whom are equity partners in the firm.

The process to identify Mr Ball’s successor follows the abandonment of Project Everest, a radical plan that would have formally separated EY’s audit and consulting arms globally.

It was blocked amid opposition from EY partners.

While EY has never before had a female boss in the UK, it recently saw the arrival of Janet Truncale as its global chief executive.