Sky News has learnt that the world's biggest accountancy firm has initiated the process through which its supervisory board - consisting of PwC partners - will oversee the installation of a successor to Kevin Ellis.

The firing of the starting-gun on the process to fill arguably the most prestigious job in British professional services has ignited internal speculation about the identity of Mr Ellis's replacement.

While a shortlist will not be identified until April, when the election of a new UK chair will also take place, insiders have pointed towards several female partners as credible contenders.

Among them is Marissa Thomas, the firm's managing partner and chief operating officer, and a member of its management board since 2017.

Laura Hinton, the partner who leads PwC UK's tax function and also sits on the management board, is also seen as a potential candidate.

Others identified as possible successors to Mr Ellis include Hemione Hudson, the head of audit, and Marco Amitrano, the firm's head of clients and markets.

Mr Ellis has served as UK chair for two terms, steering PwC through a tumultuous period including the Brexit vote and its aftermath, and the COVID pandemic.

Although it remains extremely profitable, with partners enjoying average seven-figure annual pay packages, PwC has not been immune to broader pressures on the industry, and last November announced hundreds of job cuts in response to market headwinds.

Like its 'big four' peers Deloitte, EY and KPMG, it has also been grappling with growing political and regulatory pressure on the future structure of the audit profession following a wave of high-profile corporate collapses.

PwC has been fined for a string of audit failings, most notably in relation to Arcadia, the former high street clothing empire of Sir Philip Green.

A PwC spokeswoman said: "The process begins this month and final candidates will be known in April."