PricewaterhouseCoopers (PwC), one of the world's "big four" audit and advisory firms, is currently grappling with the fallout from a scandal in Australia. A former partner, who was consulting with the federal government on new tax laws targeting corporate tax avoidance, shared confidential drafts with colleagues in an effort to attract business globally.
As a result, the two largest Australian pension funds, Australian Super (with assets valued at AUD 290 billion) and Australian Retirement Trust (with assets valued at AUD 240 billion), have suspended future collaboration with PricewaterhouseCoopers (PwC). This development has widened the consequences of the scandal and raised concerns that private-sector clients may also reconsider their association with the firm. Numerous government agencies have already initiated reviews or put their work with PricewaterhouseCoopers (PwC) on hold.
In response to the situation, the Acting Chief Executive of PricewaterhouseCoopers (PwC) Australia, Kristin Stubbins, publicly apologized for the scandal. She has instructed nine partners to go on leave until the investigation into the confidentiality breaches is concluded.
PricewaterhouseCoopers (PwC) has identified four former partners involved in the leak, including the central figure in the scandal. Additionally, they have disclosed a separate group of 63 current and former partners who received at least one email containing confidential information related to Australia's 2016 Multinational Anti-Avoidance Law. Parliamentary hearings on this matter are scheduled for later this week.
PwC Australia is now subject to multiple investigations, including a criminal probe, after its now former international tax chief Peter Collins used confidential information and documents obtained through his work for the government for the firm’s commercial gain.
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