The Australian arm of global accounting giant PwC has managed to turn a possible crime into a national crisis and then allowed it to evolve into a catastrophe, writes Ian Verrender.
In what must be the ultimate humiliation, PwC has struck a deal to sell its government consulting arm for the princely sum of $1. Even that may not save the firm.
Instead, its leaders have repeatedly chosen to hide, first behind the veil of client confidentiality and later behind an impenetrable corporate wall and an army of spin doctors. The emails then reveal the firm's plans to market schemes to those very companies on how best to avoid the new tax arrangements.Many of those partners say they did not utilise the information. Some say they didn't even read it and their only crime was to be on the receiving end of the correspondence.
While it might seem like a bargain, there's a catch, and a mighty big one. That potential revenue comes from just a handful of sources — federal and state governments. And none of those once-lucrative clients is in the mood to continue splashing around any coin.
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