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PwC is expanding its use of artificial intelligence (AI) across audit work while maintaining governance controls and human review as the technology develops. The firm is using AI to ingest and standardize client data from different ERP systems, feed information into controls and substantive testing, and reduce repeated client data requests. Human employees continue to check AI-generated work and provide feedback that can improve agent performance, while PwC measures model effectiveness and accuracy as part of its governance process. The firm works with OpenAI and Microsoft and has access to models from other major providers, selecting different models for specific tasks and giving employees access through a secure environment. Separately, PwC’s corporate directors survey found that 71% of respondents believe their boards need stronger AI skills, while 69% cited cybersecurity, data privacy, or intellectual property risks as their leading AI concern.

 

Accounting Today

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The FBI is investigating a breach of its jobs website, FBIjobs.gov, which has reportedly exposed "very sensitive data" on nearly all FBI agents and job applicants, including granular detail about ​officials' job assignments, such as sensitive work against Chinese spies, Russian ‌intelligence, drug cartels, and more. The hacker group ShinyHunters has claimed responsibility for the breach. The FBI said the hacker group had “compromised very sensitive data on almost ALL FBI Agents and individuals who filed an application with the FBI for a job.” The website, which remained offline Wednesday, is the main portal for prospective employees to learn about the FBI and initiate the application process.

 

NJ.com

U.S. News

The U.S. and China have agreed to extend their trade truce by two months to 10 January, giving both sides more time to negotiate a potentially broader agreement, according to U.S. Treasury Secretary Scott Bessent. The extension follows talks between Bessent and Chinese Vice Premier He Lifeng ahead of a summit between Donald Trump and Xi Jinping, with potential areas for progress including tariffs on $30bn of non-critical goods, financial services and agricultural purchases. Bessent said China was meeting its commitment to buy 25m tons of soybeans but was lagging on $17bn of other agricultural purchases, while U.S. officials have also said deliveries of Chinese rare earths were behind commitments.

 

New York Times

Politico

Reuters

South China Morning Post

Canadian Prime Minister Mark Carney has said a mutually beneficial trade agreement with the U.S. remains possible despite talks collapsing in August, although Canada will not compromise its ability to pursue trade deals and closer relationships elsewhere. Carney said some previous obstacles in negotiations have since been removed, while stressing that protecting Canadian sovereignty requires diversifying its international partnerships. Canada is seeking deeper cooperation with the EU in areas including critical minerals, energy, satellite technology, science and digital payments, although Carney ruled out pursuing full EU membership. Canada is already participating in the EU’s SAFE defence initiative and is working with Baltic and Nordic countries on Arctic security.

 

CBC News

Toronto Star

Wall Street Journal

U.S. business activity accelerated to its highest level in more than five years in September, with the S&P Global Composite PMI rising to 58.4 from 56.0 in August, driven by strong expansion across both manufacturing and services. New orders increased to 58.2, their highest level since March 2022, while work backlogs reached their highest since May 2022, pointing to growing capacity constraints as companies also reported difficulties finding suitable staff. Supply chain pressures intensified, with supplier delivery delays becoming the most widespread since July 2022, largely reflecting disruption linked to the U.S.-Israeli war with Iran. These constraints, alongside robust demand, pushed the input prices index to 66.4 from 59.9, its highest reading since October 2022, adding to concerns about persistent inflation. S&P Global said the PMI data were consistent with the U.S. economy growing at an annualized rate of around 5%, while further cost pressures could emerge from record-high diesel prices.

 

Reuters

McDonald’s plans to invest $8.5bn over the next decade to modernize its 46,000 restaurants worldwide, as it seeks to improve efficiency and capture market share amid flat fast-food traffic in several markets. The upgrades, announced at the group's investor day in Chicago, will include improved kitchen layouts, delivery lockers, expanded automation, and artificial intelligence (AI)-powered systems for ordering, inventory, and scheduling. McDonald’s is also expanding its menu with hand-breaded and grilled chicken, wraps, egg bites, and bowls as it targets growing demand for protein-rich and smaller meals. In the U.S., franchisees will be required to invest an additional $800,000 over time, with McDonald’s providing some financial support. The company expects the improvements to generate roughly $100,000 in annual cash flow benefits for the average U.S. restaurant.

 

AP News

CNN

Chicago Tribune

Reuters

Activist investor Starboard Value has taken a significant stake in construction materials company Knife River and plans to push it to improve profitability or consider strategic alternatives, including a potential sale. Starboard wants Knife River to narrow the gap between its adjusted EBITDA margin, which was about 15% in the quarter ended June 30, and peers Vulcan Materials and Martin Marietta, which reported margins of around 30%. Knife River, which has a market capitalization of about $3bn and was spun off from MDU Resources in 2023, has seen its shares fall nearly 30% this year amid weakness in residential and private commercial construction. The stock dropped more than 7% Wednesday after the company warned that delayed projects and higher fuel costs are expected to remain headwinds through the fiscal year.

 

Wall Street Journal

The U.S. Department of Health and Human Services (HHS) is to receive a share of any increased revenue if Pfizer is able to charge higher drug prices overseas, according to the “most favored nation” contract published by the consumer watchdog organization Public Citizen, which it obtained after filing a Freedom of Information Act lawsuit. The agreement applies to medicines already on the market. The contract says the funds will be used “for the purpose of lowering costs for U.S. patients and taxpayers.”

 

Bloomberg

PCAOB chair Jim Logothetis has said artificial intelligence (AI) can perform transactional and technical elements of public company audits, but human auditors will remain essential for areas requiring professional skepticism, judgment, and industry knowledge. Mr. Logothetis said the accounting profession is not disappearing and could ultimately become stronger as AI adoption progresses, although firms, regulators, and lawmakers will need to navigate a transition period. He emphasized that regulators should first understand emerging technologies before introducing new requirements, favoring cost-effective regulation that considers compliance burdens while maintaining the PCAOB’s investor-protection mission. Mr. Logothetis also highlighted the growing importance of audit oversight as the market value of U.S. public companies has increased from $11tn in 2001 to $75tn today, arguing that the PCAOB can continue supporting confidence and growth in U.S. capital markets.

 

Accounting Today

Reuters reports that representatives for ​Volkswagen, IG Metall and the works ⁠council will meet in Hanover on ​September 30 to discuss the German automaker's ‌restructuring, after the union summoned management ​over concerns about the cuts.

 

Reuters

The State Department has directed its diplomats in the International Organizations Bureau to replace the term "artificial intelligence" with "super intelligence" in all communications. The change was precipitated by President Donald Trump's remarks at the U.N. General Assembly, where he said: “The use of the word artificial makes intelligence fake, it makes it sound fake and it is not fake. It's actually amazing.” Michael Drager, deputy assistant secretary of state, communicated the directive in an email, writing that "we will be using 'SI' in all remarks, positions and press elements moving forward." While the order was issued for this bureau, it remains unclear if other departments will adopt the new terminology.

 

U.S. News