Osteoarthritis (OA) is a degenerative disease involving joint damage, an inadequate healing response and progressive deterioration of the joint architecture that commonly affects the knee and/or hip joints. It is a major world public health problem and is predicted to increase rapidly with an ageing population and escalating rate of obesity. Autologous blood-derived products possess much promise in the repair and regeneration of tissue and have important roles in inflammation, angiogenesis, cell migration and metabolism in pathological conditions, including OA. Utilising platelet-rich plasma (PRP) to treat tendon, ligament and skeletal muscle has shown variable results across many studies with the current evidence base for the efficacy of PRP in treating sports injuries remaining inconclusive. More uniformly positive results have been observed by various studies for PRP in OA knee in comparison to hyaluronic acid, other intra-articular injections and placebo than in other musculoskeletal tissue. However, methodological concerns as well as satisfactory PRP product classification prevent the true characterisation of this treatment. Thus, further research is required to investigate how leukocyte inclusion, activation and platelet concentration affect therapeutic efficacy. Furthermore, the optimisation of timing, dosage, volume, frequency and rehabilitation strategies need to be ascertained. For knee OA management, these concerns must be addressed before this promising treatment can be widely implemented.

This article examines the potential costs to Australian auditors and their clients from the issuance of first‐time going‐concern‐modified audit opinions. We examine the population of Australian companies receiving a first‐time going‐concern‐modified audit opinion during the period 1994–97 and a matched sample of financially distressed firms receiving a clean audit opinion. Results indicate that auditor switching is positively associated with receipt of a going‐concern‐modified opinion. However, we find no empirical evidence that there is a self‐fulfilling prophecy of increased probability of company failure following the issuance of a going‐concern‐modified opinion for the Australian companies in our study. Our analyses of lost audit fees indicate that auditors issuing first‐time going‐concern‐modified audit opinions lost proportionately more fees by losing clients (through switching or company failure) than firms not issuing a going‐concern‐modified opinion to financially stressed clients.

The recent passing of the Sarbanes-Oxley Act of 2002 resulted in restrictions being placed on the so-called “revolving door,” where a company hires a senior financial reporting executive directly from its external audit firm. This legislative action, despite a lack of empirical research into the practice, reflects concerns about possible impairment of auditor independence through the hiring of personnel from the company's external auditor. Our study examines a sample of firms where financial reporting executives such as the CFO, VP-Finance, or Controller were hired by a public company directly from their external audit firm. Our results indicate that earnings management, in the form of increased accounting accruals, is no greater immediately before or after hiring in the companies engaging in this hiring practice compared to three separate control groups hiring individuals from other sources or retaining their incumbent financial reporting executives. We also find that changes in accruals surrounding the hiring of these former auditors is relatively stable over the 11-year period studied. Overall, our results with respect to changes in levels of reported accounting accruals generally do not support regulators' concerns of significantly impaired auditor independence in these hiring situations.

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Purpose The purpose of this study is to provide a polemic on the evolution of universities and business schools over the past two decades. During this period, universities have increasingly adopted a self-interested stance using business-like practices and behaviours to justify their transformation. The authors provide recommendations aimed at enhancing universities’ contributions and relevance to society, increasing their sustainability broadly defined and better positioning them to help solve wicked problems in a post-COVID-19 world. Design/methodology/approach This polemic analyses prior literature relating to the evolution of universities and uses this to generate a framework for ways forward for their improvement. Findings The authors argue that the evolution of universities into entities with missions and operations designed to mimic business and commercial imperatives has yielded undesirable outcomes including the muddling of the core mission of universities, alienation of key stakeholders and an excessive focus on income growth. Business schools face a tension between forging their own, unique identities and simultaneously striving to meet university university objectives. We term this “the Business School identity paradox”. The authors contend that the way forward requires senior management to re-discover the essence of what it means to be a university, re-establish collegial decision-making within universities that includes built-in feedback loops and a fundamental emphasis on developing graduates with an enlightened perspective that goes beyond technical skills. Originality/value This paper is novel in that it analyses the evolution of the “Enterprise University” some 20 years after this term was first coined and in a radically changed environment following the COVID-19 pandemic. This analysis is also forward-looking as the authors re-imagine universities and business schools by identifying opportunities for renewal and improvement in their focus and societal impact. The authors also develop a schema that identifies major influences on universities and business schools, the impact of COVID-19 and strategies for them post-COVID-19.

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