PwC International used network rules to put PwC Australia under its control after ruling the tax leaks scandal was causing “ongoing reputational and global brand damage”.
PwC International used secretive network rules to put PwC Australia under its control after ruling the tax leaks scandal was causing “ongoing reputational and global brand damage” to the big four professional services firm.
It will increase political pressure on PwC to release a report into the overseas partners associated with the tax leaks matter. The global firm is resisting the document’s release in part because it does not want the tax leaks scandal to potentially extend beyond Australia, and trigger scrutiny from US and British regulators.
“As a member of the PwC global network, it’s entirely appropriate that we work with our global colleagues on our remediation actions and to rebuild trust,” Mr Carroll said. The supervised remediation letter, along with the details of PwC International’s regulations, shed new light on the legal mechanics by which the Australian firm was quickly brought under global supervision when the extent of the tax leaks matter became public last May.s reporting on the extent of the tax leaks matter at the start of May. During the next fortnight, PwC Australia CEO Tom Seymour would step down as leader and Kristin Stubbins would be appointed interim CEO.
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