The highlights from 2021 include:

• The continuing flow of regulatory enforcement actions, with regulators imposing sanctions that included not only significant fines and penalties, but also suspensions of partners and firms.
  
  
• Reputational concerns arising out of litigation involving accountants and regulatory sanctions.
  
  
• The enforcement of data privacy regulations, which included significant sanctions against Big Tech companies and notable instances of such penalties being challenged or reduced.
  
  
• The destabilizing effect of ransomware attacks, felt across a wide range of industries and in some cases crippling key infrastructure and prompting urgent government intervention. These attacks underscore the need for heightened awareness over cybersecurity.
  
  
• Growing awareness over environmental, social and governance (ESG) issues from regulators and investors, prompting firms to increase their focus on their ESG practices and position themselves as trusted advisors.
  
  
• Continued efforts to improve audit quality by reforming audit rules, including the growing use of enhanced audit reports.
  
  
• The impact of the continuing development of disruptive technologies including the increased use of automation, artificial intelligence and reliance on cloud computing.
  
  
• Discussions of the future of the workplace, intensified by the changes in work practices caused by COVID-19, focused on training and office culture.
  
  
• The expansion of third party litigation funding and the increase in the availability of class actions, including the pan-European legislation set to come into effect in EU member states and key court actions in the UK, Europe and China.
  
  
• Growing occurrence of claims throughout the Ex-US, highlighting the possibility of risk issues arising around the world. 2021 included several large settlements involving accounting firms and several claims against them that featured noteworthy amounts.