In 2024, one of the most intriguing financial stories involves the ongoing challenges faced by the “Big Four” accounting firms: Deloitte, PwC, EY, and KPMG. These firms have been embroiled in multiple scandals and legal issues, marking a turbulent start to the year.

EY, for instance, reported that nearly half of its audits in 2022 were defective, leading to significant scrutiny and changes in their auditing practices. PwC Australia made headlines by appointing an outside chair for the first time, aiming to improve governance and transparency within the firm. Meanwhile, PwC UK faced internal revolts due to delayed promotions, which highlighted disparities in compensation and job security within the firm.

Moreover, PwC is under threat of lawsuits related to the bankruptcy of EverGrande, a major Chinese real estate company. Liquidators are considering suing PwC for negligence in their audits from 2009 to 2023, potentially setting a precedent for how accounting firms are held accountable in such cases.

These developments underscore the ongoing regulatory and operational challenges within the Big Four, as they navigate governance reforms, legal battles, and internal discontent while striving to maintain their market positions​ (FEP Finance Club)​ (ComplyAdvantage).