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Know Something We Don’t?
EY sets aside record £188mn for fines and legal claims [Financial Times]
The figure is almost seven times the average amount that EY has set aside for claims annually since the firm began reporting the figures in 2002, according to FT analysis.
Careers
Gen Z will give up $5,000 in pay to log off at 5—but still expects a corner office [Fortune]
The average Gen Z professional today wants the freedom to log off at 5, and a C-suite title. At least, they do at the Big Blue of the Big 4: consulting giant KPMG. According to the professional firm’s Winter Intern Pulse Survey, Gen Z will sacrifice on average $5,000 of their salary to achieve a better work-life balance. At the same time, a staggering 92% expressed at least some interest in achieving a C-suite or senior executive role.
I quit my job at KPMG and moved to India to become a poet. I was sick of only getting to live life on weekends. [Business Insider]
Namrata Yadav has always loved creative writing and poetry. She said law school, research, and finally consulting at KPMG failed to bring her fulfillment. So she quit her job, moved back to India, and is now trying to establish herself as a spoken-word poet.
In a more automated world, how do CFOs think about succession planning? [CFO.com]
Without a robust pipeline of eager young workers, finance teams may one day find themselves with no one to take over their jobs. With all that in mind, CFO.com recently posed this question to several finance chiefs: At a time when entry-level jobs are being increasingly automated, how are you thinking about succession planning? Their answers reveal a range of strategies for a complex problem.
Technology
AI robots could cost $13,000 by 2035: Here’s what that means for CFOs [Fortune]
One tech trend on the rise is AI-enabled robotics. AI is no longer confined to dashboards and copilots. “Physical AI,” which is the convergence of AI with robotics, sensors, and real-world systems, marks a turning point. As Deloitte notes, intelligence is becoming “embodied” in factories, warehouses, and supply chains, where autonomous systems can optimize operations in real time. For example, BMW is testing humanoid robots to handle tasks that traditional industrial robots cannot perform, according to Deloitte. Meanwhile, the Bank of America Institute projects that the material costs of a humanoid robot could fall from $35,000 in 2025 to between $13,000 and $17,000 by 2035.
Australia Faces ‘Sliding Doors’ Moment on AI Push, Deloitte Says [Bloomberg]
Australia has a narrow window to position itself as a regional hub for artificial intelligence infrastructure, but risks falling behind unless investment and policy action accelerate, according to Deloitte Access Economics. “This is a sliding doors moment for Australia,” lead author John O’Mahony said Wednesday, estimating the country needs about A$52 billion ($36 billion) in digital infrastructure investment by 2030 to capture the opportunity.
EY study: Cybersecurity leaders investing in AI and agentic defenses to combat escalating AI-enabled threats [EY]
Cybersecurity leaders are at a critical crossroads as artificial intelligence (AI) redefines both the threat landscape and defensive capabilities, according to findings from the new EY Cybersecurity Roadmap Study of 500 senior corporate security leaders. The study uncovered that a staggering 96% of senior security leaders say AI-enabled cybersecurity attacks are a significant threat to their organization, with about half (48%) estimating that of all the cybersecurity incidents their organization had experienced in the past year, at least a quarter were enabled by AI.
Audit
KPMG allegedly misused Lendlease data to win audit work [Financial Review]
KPMG Australia has been accused of misusing confidential information from its client Lendlease to win external audit work for Westpac and Dexus, while allegedly failing to act on a whistleblower complaint.
Federal Deposit Insurance Corporation Funds’ 2025 and 2024 Financial Statements [US Government Accountability Office]
The GAO shares some good news about their recent FDIC audit:
The Federal Deposit Insurance Corporation insures over $10 trillion in deposits and protects your money if your FDIC-insured bank fails. We audit and issue opinions annually on financial statements of FDIC’s insurance funds and on related internal controls (e.g., processes to reasonably assure that transactions are properly authorized and recorded). We found the statements were reliable and controls over financial reporting were effective in 2025.