Category Archives: PwC

Liberal senator demands PwC executives ‘bare their necks’ at inquiry into consultancies

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Richard Colbeck says PwC International must clarify reports it took control of Australian firm after tax leaks scandal

The head of a second parliamentary inquiry has demanded answers from PwC International after reports it took control of the Australian firm to contain the tax leaks scandal, warning senior managers need to “come clean” and “bare their necks”.

The rebuke by Liberal senator Richard Colbeck, who chairs the senate inquiry into the consulting industry, comes a day after the head of a separate inquiry, Labor senator Deborah O’Neill, called for PwC International bosses to face questions.

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‘Deadly serious’: Australian regulators criticise PwC refusal to hand over report into tax leaks

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Consultancy’s global executive says report suggests there’s no evidence confidential information was used for commercial gain

PwC has faced furious rebuke from politicians, the country’s tax office and a regulator for repeatedly refusing to share a report it used to argue that a damaging tax leaks scandal was isolated to Australia.

The report, by law firm Linklaters, was cited by PwC’s global executive to assure regulators there was no evidence that confidential details about multinational tax laws received by the firm’s international partners were used for commercial gain.

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Manufacturers say UK becoming more competitive as global hub, survey finds

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Findings show British bosses growing in confidence over sector’s prospects despite ‘headwinds of sustained economic challenges’

Britain’s largest manufacturers believe the UK is increasing its competitiveness as a global hub for manufacturing, despite high energy costs, worker shortages and political instability holding back progress.

In a crunch period for the economy before the general election, the manufacturing trade body Make UK and the accountancy firm PricewaterhouseCoopers said industry bosses were growing more confident about the sector’s prospects, but “headwinds of sustained economic challenges” still remained.

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Politics live: cyber chief takes leave as defence department announces recall over ‘workplace matter’

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Follow the day’s news live

And here is the standard of some of the “debate” among senior parliamentarians.

Meanwhile, Australia’s sense of social cohesion is at its lowest recorded ebb.

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Big four consultancy firm partners could be banned from being on board of regulator after PwC scandal

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Greens say Labor has agreed to stop senior executives or partners at firms from becoming board members of Tax Practitioners Board

Partners at big four consultancy firms could soon be banned from being board members of a regulator that investigates the conduct of their colleagues due to conflict of interest concerns.

The Tax Practitioners Board (TPB), which proved instrumental in uncovering the scale of a scandal involving the misuse of confidential Treasury information by a partner at PwC Australia, has the power to deregister accountants after serious misconduct.

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Powerful US and UK committees lobbied to pressure PwC to release report sought in Australia

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Exclusive: Richard Colbeck urged counterparts to seek document used to clear firm’s partners of wrongdoing

Powerful parliamentary oversight committees in the US and the UK have been urged to pressure consultancy firm PwC to publish a report used to clear its international partners of wrongdoing.

In response to a scandal involving the misuse of confidential Australian Treasury information about proposed multinational tax avoidance laws, PwC global commissioned the law firm Linklaters to investigate the conduct of its international partners.

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Australian Catholic church’s insurer launches court bid to cover smaller share of abuse compensation

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Scandal-plagued PwC would determine payout rates under scheme proposed by Catholic Church Insurance in effort to avoid insolvency

The Catholic church insurer wants to establish a scheme that would stave off its own insolvency by paying church bodies only a fraction of the money owed to abuse survivors at rates to be determined by the scandal-plagued consultancy PwC, documents show.

Catholic Church Insurance is facing significant financial turmoil due to the rising volume of abuse claims, estimating it has $381m in liabilities relating to professional standards payouts to various church entities, including dioceses and church-aligned charities.

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PwC partner at centre of tax advice scandal banned by Asic for eight years

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Financial regulator finds Peter John Collins is ‘not a fit and proper person to provide financial services’

Australia’s financial watchdog has issued an eight-year ban to a former PwC partner at the heart of a confidentiality scandal that triggered a reputation crisis at the firm and a costly sell-off.

The Australian Securities and Investments Commission has been investigating the conduct of Peter John Collins, of Sandringham in Victoria, who has been accused of sharing confidential government information about multinational tax avoidance with colleagues.

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PwC tax leak scandal not isolated to Australia, senators claim

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Accounting firm says no evidence confidential information used by partners outside Australia for commercial gain

The politicians who exposed PwC’s leak of government secrets have claimed the scandal is not isolated to Australia, citing emails that reveal global partners knew they received confidential material and provided assistance.

Confirmation that PwC Australia partners shared confidential details about multinational tax plans triggered an internal investigation, released on Wednesday, which exposed a culture where “revenue is king” and profit is sometimes prioritised above ethics.

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PwC Australia reveals more breaches on heels of scathing report into consultancy scandal

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Firm releases ‘statement of facts’ alongside Switkowski review making further admissions about government consultation work

PwC Australia has revealed a series of additional breaches of confidentiality as a new report details a litany of corporate failures that allowed confidential government information to be misused for years without any disciplinary action.

The confessions are detailed in what PwC Australia has described as “a statement of facts”, which was published alongside a review into its internal culture by the former Telstra boss Ziggy Switkowski. His report found some partners prioritised profit above ethics and internal dismay at the firm’s response to the scandal.

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PwC to restructure board as report into consultancy scandal released

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PwC Australia will also commit to publishing audited financial statements

PwC Australia will overhaul its corporate structure, adding three non-executive directors to its governance board and a non-executive chair, as well as committing to publishing audited financial statements.

The announcement comes ahead of the release of an investigation into the firm’s misuse of confidential government information, which triggered a reputation crisis and widespread condemnation.

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Poundland moves to buy 71 Wilko sites with possible jobs guarantee for staff

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PwC says owner plans to reopen stores under Poundland brand throwing lifeline to as many as 1,800 staff

Poundland is to acquire up to 71 Wilko sites that it intends to reopen under its own brand in a deal that could throw a lifeline to some of the about 1,800 staff who will lose their jobs at the stricken retailer.

Under the deal struck by administrators PricewaterhouseCoopers (PwC) with Poundland’s parent company Pepco, the sites will be acquired only after all 408 Wilko stores are shut and more than 12,000 staff made redundant.

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Wilko: rescue deal to save many stores at risk over supplier debts

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Big suppliers want debts paid upfront in order to guarantee supplying shops

A rescue deal to save the majority of Wilko’s stores has been put at risk as some key suppliers want outstanding debts repaid upfront to guarantee continuing to provide products to the chain.

Doug Putman, who engineered a turnaround of HMV in the UK and owns Toys R Us in Canada, has been negotiating a deal to save as many as 300 of Wilko’s 400 stores, throwing a lifeline to its more than 12,000 staff.

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PwC urged Labor to delay multinational tax transparency laws, Senate submissions reveal

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The firm joined the other big four consultancies in calling for the world-leading regime to be postponed or watered down

PwC, the other big four consultancies and the American Chamber of Commerce in Australia were among the entities that urged the federal government to delay and water down proposed multinational tax transparency laws.

Australia’s proposed country-by-country reporting would make it a world leader in tax transparency, compelling multinationals to publish detailed location-specific information about their revenue, expenses and effective tax rate to deter profit shifting and tax avoidance.

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PwC charged health department to provide ‘risk management’ workshop in weeks before scandal

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Exclusive: Consultancy firm ran event at Department of Health and Aged Care in December, days before former PwC partner was banned by tax advice regulator

PwC Australia billed taxpayers to deliver a “risk management workshop” to a department that was subsequently forced to suspend the firm’s $2.3m contract in the aged care sector, pending an investigation into potential conflicts of interest.

The $36,000 engagement has been described as “frankly absurd” by the public sector union and criticised by legal academics given a Senate committee report released in June 2023 that confirmed the consultancy firm had been engaging in a “calculated” breach of trust.

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Australia news live: authorities given stop and search powers near Qld border in bid to stop fire ants; Matildas public holiday not on national cabinet agenda, PM says

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Agricultural officers given power to stop and search cars and trucks near the Queensland-NSW border. Follow the latest news live

Search efforts continue for third Indonesian crew member

Search efforts are continuing today for the third Indonesian crew member who remains missing after a boat capsized off the coast of Indonesia.

The search continues for a crew member who is still missing.

Our thoughts are with them and their loved ones.

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PwC did not disclose any conflicts of interest before winning aged care auditing contract

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Consulting firm’s contract to audit the Morrison government’s workforce bonus program remains suspended, department confirms

PwC Australia did not disclose any real or perceived conflicts of interest to the federal government before it was awarded a $2.3m aged care contract that has been suspended since June amid a continuing investigation.

The firm was contracted by the Department of Health and Aged Care to audit the Morrison government’s workforce bonus program, which provided two pre-election payments in 2022 worth up to $800 to attract and retain staff in the struggling aged care sector.

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PwC lost track of number of client privilege claims allegedly used to stymie ATO investigations

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Consulting firm couldn’t say how many times its former general counsel was involved in privilege claims made to tax office, Senate inquiry hears

PwC Australia lost track of who prepared dozens of client privilege claims that blocked the Australian Tax Office from gathering evidence for its investigations, a Senate inquiry has heard.

Earlier this week, the ATO published a timeline of the PwC scandal that confirmed years of frustration at the firm over allegedly withholding information related to multinational tax avoidance.

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Wilko suspends home deliveries as it holds talks on rescue deal

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Budget retailer and adviser PwC have until Monday to find new funding

The troubled budget retailer Wilko has stopped offering home deliveries for orders on its website as it holds last-ditch talks on a potential rescue deal.

The household and garden products retail chain, which has about 400 stores, warned last week that it was on the brink of collapse, with more than 12,000 jobs at risk.

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PwC scandal: Australian Tax Office tried to get federal police to investigate in 2018

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Tax office tells Senate committee it did not have the investigative powers to secure enough evidence from consultancy firm, hampering efforts to persuade federal police to investigate

Repeated efforts by the Australian Tax Office to convince federal police to investigate PwC in 2018 failed because it did not have “the investigative powers” to secure key evidence.

For the first time the ATO has published a detailed timeline of the PwC scandal that confirms years of frustration at the firm allegedly withholding information about how it helped multinational companies avoid paying tax.

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