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Monday AM Accounting: Big 4 Firms Dread Going Concern Reports!

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TLDR:

  • PwC Australia is in court arguing against responsibility for sexual assault.
  • EY launches AI Assurance framework for professionals.

The article discusses various key points in the accounting industry, including legal actions against PwC Australia for alleged sexual assault cases and EY’s launch of an AI Assurance framework. Additionally, the UK audit firms are criticized for failing to provide going-concern warnings, with EY being highlighted as the lowest among the Big 4 in issuing warnings. The PCAOB’s new standards are also discussed, emphasizing the need for additional regulation to improve audit quality. KPMG’s establishment of an AI hub in Ireland and a whistleblower’s experience in Australia are also highlighted in the article.

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