Global accounting firms face a pivotal inflection point as AI adoption, geopolitical fragmentation, and private equity reshape their business models and liability profile. Key takeaways include rising geopolitical volatility and shifting ownership models demanding strategic risk governance, with AI-driven transformation reshaping roles and influencing liability exposure. Geopolitical volatility and the fragmentation of the global economy have increased operational complexity, with the increasing concern around geopolitical risk demonstrated in Aon’s 2025 Global Risk Management Survey. Rapid adoption of AI and digital tools across audit, tax, advisory and legal services is transforming service delivery and talent models while giving rise to new governance, liability, ethical and human capital challenges. Cybersecurity and data privacy are the top risks for business leaders, with cyber risk retaining the top spot in Aon’s 2025 Global Risk Management Survey. Recent settlements related to a high-profile data breach involving a Big 4 firm underline the decisive importance of cybersecurity. Continued public and political attention is amplifying reputational risk, particularly in relation to audit quality, ethics, the use of disruptive technologies, government work and rapidly changing ownership structures. Record sanctions and regulatory scrutiny of ethics, culture and audit quality have characterized recent years, with a current shift emphasizing individual accountability. Opportunities for growth are being created by evolving firm ownership and business models, including private equity investment, the availability of alternative structures of legal practices and international expansion.