PwC Australia was sanctioned for failing to disclose that it was being investigated for more than a year, in the latest fallout over its tax leaks scandal.
Already a subscriber?The powerful US audit watchdog has fined PwC Australia $US600,000 for failing to disclose that it was being investigated by the Tax Practitioners Board for more than a year, in the latest fallout to hit the firm over its tax leaks scandal.
The fine, which focuses only on the Australian firm’s tardy reporting, adds new risk to the firm’s global operations from the scandal, which stemmed from a former PwC Australia partner sharing confidential government information with PwC personnel. The order requires PwC Australia to undertake certain remedial measures to establish, revise, or supplement, as necessary, policies and procedures, including monitoring procedures.
The firm was first informed in February 2022 about the TPB investigation. The TPB made its finding against the firm and the former partner in November 2022. The matter was reported byPwC Australia did not submit its “special report” about the “administrative or disciplinary” matter to the PCAOB until June 20, according to its public report on the regulator’s website. This is more than a year after the initial TPB alert.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
PwC tax leaks: PwC International asked to explain why they won’t release Linklaters reportSenators will call PwC International operatives before parliament to personally explain why the company is withholding a report into overseas aspects of the firm’s tax leaks scandal.
Read more »
PwC chairman refuses to share tax leaks scandal investigation with Australian parliamentFirm cites legal professional privilege after request for copy of report but provides more detail about scope of investigation
Read more »
PwC tax leaks: How the global firm triggered ‘supervised remediation’ to take control, install Kevin BurrowesPwC 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”.
Read more »
Sayers evidence on PwC tax leaks ‘implausible’, Senate findsA Senate committee has called testimony by former PwC Australia chief executive Luke Sayers “implausible” and questioned the “truthfulness” of aspects of his evidence.
Read more »
Senate committee report accuses PwC of trying to cover up tax leaks scandalNew claim follows earlier report by the committee accusing the firm of a ‘calculated’ breach of trust
Read more »