PwC Australia Betrays Partners Involved In Tax Scandal

PwC Australia names former partners accused of misusing sensitive information in a tax scam.

PwC Australia names former partners accused of misusing sensitive information in a tax scam-SurgeZirc NG
PwC Australia names former partners accused of misusing sensitive information in a tax scam.

PwC Australia names former partners accused of misusing sensitive information in a tax scam. Senator Deborah O’Neill has accused the firm of utilizing the ‘cloak of the Senate,’ and has demanded that the names of those involved be made public.

In the midst of the tax leaks crisis, PricewaterhouseCoopers, PwC Australia has revealed the identities of four former partners it believes are responsible for breaching confidentiality to a parliamentary committee.

PwC, the embattled professional services firm has also provided the names of several current partners who were directed to go on leave last week as a result of the leaked information, as well as a list of 63 current and former partners and staff who received at least one email containing confidential information.

 

PwC Australia has directed nine partners to step down until the result of an internal inquiry into the disclosure of secret information concerning the government’s tax intentions.

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PwC announced on Monday that the chairs of its governance board and risk committee will resign as well, adding that it had launched a process to “ringfence” services offered to government agencies. PwC also said it would appoint two independent directors to its governance board and publish the complete findings of a cultural assessment announced earlier this month.

 

PwC, one of the “big four” global accounting firms, has been engaged in controversy since it was revealed that a partner had utilized confidential information about the firm. The government’s planned tax reforms are intended to increase business with international clients while also assisting clients in paying less tax.

PwC CEO Tom Seymour resigned earlier this month in response to the discoveries, which were first revealed by the Australian Financial Review newspaper. PwC and its former partner Peter Collins were charged with “alleged misuse of confidential government information” by Australian authorities last week.

PwC Australia Betrays Partners Involved In Tax Scandal- SurgeZirc NG
PwC Australia Betrays Partners Involved In Tax Scandal

 

Mr. Stubbins said in a statement on Monday that PwC was committed to “doing everything it takes to right the wrongs of our past and re-earn the public’s trust.”

However, Stubbins resisted calls for the corporation to divulge the names of all employees who had access to emails containing the leaked material and urged that no such information be released. Clients were able to pay less tax by using confidential information.

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“There has been an assumption by some that all those whose names have been redacted must necessarily have been involved in wrongdoing,” Stubbins added.”Despite the fact that our investigation is ongoing, we are announcing these actions today because we recognize that our stakeholders want more transparency in order to restore trust in our firm,” Kristin Stubbins, acting chief executive of PwC Australia, said in a statement.

“That’s not correct. Based on our current investigation, we think that the vast majority of the receivers of these emails are not responsible for, and were not knowingly involved in, any breach of confidentiality.”

 

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Daemian
Daemian
1 year ago

Interesting times