Greg Yanco, the executive director of regulation and supervision at the Australian Securities and Investments Commission, says you can draw a line stretching from PwC’s independent review into its tax leaks scandal, back through EY’s culture review, to the prudential review of Commonwealth Bank, and right back to the postmortems into the collapse of US energy giant Enron.

The themes were remarkably similar, Yanco argues: a failure to push bad news up the chain. A lack of challenge of the chief executive and senior leadership. An overly collegiate culture.