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It said it would tender for a new external auditor as part of "best practice for audit firm rotation". PwC has audited Westpac since 2002, before which PwC partners and their ancestor firms had audited the bank since 1968. However, PwC's lead Westpac audit partner assumed the role less than two years ago, in December 2021, according to a Westpac governance statement this month. A PwC Australia spokesperson said the firm understood the board's decision and was proud of its time as Westpac's auditor. Renamed Scyne Advisory, roughly 1,400 of PwC Australia's more than 9,000 staff moved over to the new firm.

Persons: Loren Elliott, PwC, Lewis Jackson, Christopher Cushing, Robert Birsel Organizations: Westpac, Central Business District of, REUTERS, Rights, Westpac Group, PricewaterhouseCoopers, PwC's, Google, Uber Technologies, Facebook, Meta, PwC, Scyne Advisory, Scyne, Thomson Locations: Central Business District of Sydney, Australia, PwC Australia

Renamed Scyne Advisory, roughly 1,400 of PwC Australia's more than 9,000 staff have moved over to the new advisory firm. It said it would tender for a new external auditor as part of "best practice for audit firm rotation". PwC has audited Westpac since 2002, before which PwC partners and their ancestor firms had audited the bank since 1968. However, PwC's lead Westpac audit partner assumed the role less than two years ago, in December 2021, according to a Westpac governance statement this month. A PwC Australia spokesperson said the firm understood the board's decision and was proud of its time as Westpac's auditor.

Persons: Lewis Jackson, PwC, Robert Birsel, Stephen Coates Organizations: REUTERS, Rights, Wednesday, Scyne Advisory, Scyne, Google, Uber Technologies, Facebook, Meta, WESTPAC, Westpac Group, Westpac, PwC's, Thomson Locations: Barangaroo, Australia

PwC sign is seen in the lobby of their offices in Barangaroo, Australia June 22, 2023. REUTERS/Lewis Jackson Acquire Licensing RightsSYDNEY, Oct 26 (Reuters) - PwC Australia said on Thursday that dozens of staff who had been set to move across to spin-off consultancy Scyne Advisory will no longer have roles at the new firm and have been told to look for jobs internally. Over 1,500 people out of PwC Australia's more than 9,000 staff were expected to move to the new firm, PwC said in September. A Scyne Advisory spokesperson said a delay in closing the deal, originally planned for September, changes to its "partner mix" and the need to establish Scyne as a "sustainable business" were factors in the decision. The move comes as Scyne Advisory gears up to reclaim advisory work that netted PwC Australia A$680 million ($427 million) last financial year.

Persons: Lewis Jackson, PwC, Kevin Burrowes, Lincoln, Edwina Gibbs Organizations: REUTERS, Rights, Scyne, PwC, PwC Australia, of Finance, Thomson Locations: Barangaroo, Australia, PwC Australia, PwC

[1/3] PwC Australia Chief Executive Officer Kevin Burrowes listens during the inquiry into management and assurance of integrity by consulting services at Parliament House in Canberra, October 12, 2023. The global firm announced last month it had taken "appropriate action" against six staff outside Australia who received confidential information and should have raised questions. No confidential information was used for commercial gain, it said. Burrowes told senators PwC Australia had not been provided details about the international investigation and did not know where the staff worked or how they had been disciplined. An investigation by the U.S. accounting regulator, the Public Company Accounting Oversight Board (PCAOB), is underway and PwC Australia is providing further information to the body, a senior executive told parliament.

Persons: Kevin Burrowes, Mick Tsikas, PwC, Burrowes, Lewis Jackson, Sonali Paul Organizations: Australia, House, REUTERS Acquire, Rights, Police, PwC, Public Company, KPMG Australia, Thomson Locations: Canberra, U.S, PwC Australia

The logo of accounting firm PricewaterhouseCoopers (PwC) is seen on the top of a Brussels' office of the company, in Diegem, Belgium September 21, 2023. REUTERS/Yves Herman Acquire Licensing RightsSYDNEY, Sept 27 (Reuters) - PwC Australia will appoint outsiders to its board and publish audited financial statements as part of a governance overhaul to bring the partnership closer to public company standards following a scandal over the leak of confidential tax documents. PwC Australia will announce plans on Wednesday to apply some Australian Stock Exchange governance principles including appointing two non-executive directors and a non-executive chair to its board, according to excerpts of plans provided by PwC. The changes form part of PwC Australia's response to a months-long independent review into its governance and culture, which will be published in full on Wednesday. Australia said last month it would drastically toughen penalties against those who promote dodgy tax schemes and strengthen regulators in response to the scandal.

Persons: Yves Herman Acquire, Kevin Burrowes, Ziggy Switkowski, Lewis Jackson, Kim Coghill Organizations: PricewaterhouseCoopers, REUTERS, Rights, Facebook, Australian Stock Exchange, PwC, “, Telstra, Thomson Locations: Brussels, Diegem, Belgium, Australia

SYDNEY, July 6 (Reuters) - Two lawmakers on Thursday called on PwC Australia to name all the companies it sought to advise on the basis of leaked government tax plans, after a report linked Google (GOOGL.O) to the national scandal first exposed in January. A cache of 144-pages of PwC emails dating from 2014 to 2017 publicly released by the Tax Practioners Board in May detail how a former tax partner shared with colleagues confidential government tax plans, which they then used to drum up work with companies overseas. One of the released emails dated Jan. 6, 2016 mentioned a "north American project" that had 14 unnamed companies as clients. PwC Australia did not immediately respond to a request for comment. Reporting by Lewis Jackson; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Deborah O'Neill, O'Neill, Barbara Pocock, Pocock, PwC, Tom Seymour, Lewis Jackson, Sonali Paul Organizations: SYDNEY, Reuters, Google, Tax, Board, Labor, Greens, Senate, PwC Australia's, Thomson Locations: Australia

At the time, a number of organisations had called for the government to delay the planned January 2016 start date. The former partner did not tell Google the information was confidential, the source said. Reuters could not establish if Google was a client of PwC Australia at the time, and if it used the information in any way. What sources told Reuters matches information in the letter, which was publicly released with the name of the company that received the confidential information redacted. Tax officials told parliament in May they foiled several attempts by unnamed multinational firms to subvert the multinational anti-avoidance law in early 2016, months after confidential information had leaked.

Persons: PwC, Peter Collins, Collins, Tom Seymour, Lewis Jackson, Emelia Sithole, Sonali Paul Organizations: Google, Reuters, PwC Australia, PwC, Tax, Board, Thomson Locations: Australia, SYDNEY, PwC Australia

☆ Allegro says independent board to oversee PwC Australia's government business
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, July 4 (Reuters) - Australian investment firm Allegro Funds said on Tuesday it would set up an independent board to oversee PwC Australia's government practice business, which it bought last month, and committed A$100 million ($67 million) for transition costs. PwC Australia on June 25 entered an exclusivity agreement with Allegro to sell its government practice for A$1 as it battles to contain a fallout from a scandal over the leak of confidential government tax documents. Allegro said it had reached a binding term sheet on the sale, with the new business to be called Scyne Advisory and fully independent of PwC. PwC Australia said on Monday that it fired eight partners as part of an internal investigation into the leak. Former CEO Tom Seymour and the other seven partners named by PwC did not respond to requests for comment.

Persons: Allegro, Tom Seymour, PwC, Renju Jose, Matthew Lewis Organizations: SYDNEY, Allegro, Advisory, Federal, of, Scyne Advisory, PwC, Thomson Locations: Australia, of Australia, PwC Australia, Sydney

☆ Australia says PwC leak of government tax documents may be referred to police
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, May 22 (Reuters) - Australia said on Monday the government will take further steps in response to the leak of government tax plans by accounting firm PricewaterhouseCoopers (PwC) and that the matter could be referred to the Australian Federal Police. PwC Australia's CEO stepped down this month and the firm has said it is "committed to learning for our mistakes". "I think the PwC experience has been deeply, deeply troubling and we've already taken some steps but we will be taking further steps," Treasurer Jim Chalmers also told ABC Radio in an interview on Monday. "I will have more to say about how we crack down on this behaviour, which is inexcusable, frankly," he said. PwC said this month that former Telstra and Optus CEO Ziggy Switkowski will lead an independent review into the leak and will report his findings and recommendations in September.

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