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In recent years, a spate of scandals and strategic missteps have exposed governance shortcomings in all of the Big 4 accounting and consulting firms. As reported in the Financial Times, this has prompted increased focus on culture and governance in the audit industry, both among the firms and their regulators.

Last month, EY's US partners voted to introduce a new governance system, including a board to oversee management and approve strategy. This followed the rejection of a plan to spin off the global consulting business. Throughout 2023, PwC faced criticism after an Australian partner shared details of confidential tax reforms with other employees and their clients. 

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