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SYDNEY, July 3 (Reuters) - PwC Australia has fired eight partners including its former chief executive as part of an internal investigation into the leak of confidential government tax plans by a former partner, the firm said on Monday. The investigation found multiple examples where the "misuse of confidential information" breached professional standards and also identified "a failure of leadership and governance" to address the breaches, PwC said in a statement. Seymour and the other seven partners named by PwC did not immediately respond to requests for comment. Three of the partners were singled out for actions that "failed to meet their professional responsibilities". These behaviours are not, and never have been, acceptable under PwC’s standards," said the statement from PwC, one of the world's "big four" accounting firms.

Persons: PwC, Kristin Stubbins, Tom Seymour, Seymour, Lewis Jackson, Sonali Paul Organizations: SYDNEY, PwC, Thomson Locations: Australia, Stubbins

The Australian scandal is the latest in a number the "big four" professional services firm has faced around the globe. Auditor PwC said it was unable to comment on client issues due to confidentiality clauses. Its auditor PwC and affiliates agreed to pay $33 million in fines and compensation to settle U.S. litigation in 2011. India's market regulator barred PwC's local affiliate from auditing listed companies for two years in 2018, but that was overturned the following year. ($1 = 1.4984 Australian dollars)Reporting by Lewis Jackson; Editing by Praveen Menon and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Kristin Stubbins, PwC, Lewis Jackson, Praveen Menon, Sonali Paul Organizations: SYDNEY, PricewaterhouseCoopers, International, Wyelands Bank, Colonial Bank ., Satyam, Enron, PwC, Thomson Locations: Australia, Brazil, Britain, Alabama, Colonial Bank . India

SYDNEY, June 26 (Reuters) - PricewaterhouseCoopers Australia staff who are found to have acted improperly in a scandal over the leaking of government tax plans will face "severe" consequences, acting chief executive Kristin Stubbins told a state parliament inquiry on Monday. "We have failed the standards we set for ourselves as an organisation, and I apologise on behalf of our firm," Stubbins said. The firm has already placed nine partners on leave and named four former partners directly involved in the breach who have since left the firm. The move will cut PwC Australia off from the "vast majority" of public sector consulting work, although some external audit work for government clients may stay, said Stubbins. She will remain in the role until Kevin Burrowes, currently Global Clients & Industries lead based in Singapore, relocates to Australia for the job.

Persons: Kristin Stubbins, Stubbins, David Seymour, Kevin Burrowes, Lewis Jackson, Diane Craft, Sonali Paul Organizations: SYDNEY, PricewaterhouseCoopers Australia, Allegro Funds, Global, Industries, Thomson Locations: Australia, New South Wales, ringfence, PwC Australia, Singapore

☆ Why PwC is selling part of its business in Australia for less than $1
▼ + stars: | 2023-06-26 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

CNN —PwC, one of the world’s big four consulting firms, is selling its government advisory business in Australia for just cents after a scandal left its reputation there in shreds. As a result, PwC will sell its government consultancy practice in Australia to Allegro Funds, a private equity firm, for just 1 Australian dollar ($0.7), PwC said in a statement. The business accounts for about 20% of the firm’s revenue in the country. PwC Australia has taken steps to try to regain trust. The firm also ordered nine partners to go on leave as it carried out an investigation “into who may have shared or misused confidential information,” acting CEO Kristin Stubbins said in an open letter in May.

Persons: CNN —, PwC, Peter Collins, Tom Seymour, Kristin Stubbins, Stubbins, Collins, ”, “ Organizations: CNN, Allegro Funds, Australian Treasury, Australian Senate, Police, PwC, Mr Locations: Australia, PwC, PwC Australia

SYDNEY, June 26 (Reuters) - Australian lawmakers will ask for more details about PwC staff involved in the leak of government tax plans when acting head Kristin Stubbins appears before a state parliament on Monday, her first public appearance since her predecessor stepped down over the scandal. But there were still many unanswered questions, inquiry chair and Greens party lawmaker Abigail Boyd said on Sunday. "(The sale) seems like a really good way to avoid scrutiny," she told Reuters on Sunday. "Look we've taken action, we've sold off the business, we've got a new person in, everything is fine. She will remain in the role until Kevin Burrowes, currently Global Clients & Industries lead based in Singapore, relocates to Australia for the job.

Persons: Kristin Stubbins, Stubbins, Abigail Boyd, we've, Boyd, David Seymour, Kevin Burrowes, Lewis Jackson, Diane Craft Organizations: SYDNEY, Global, Industries, Thomson Locations: New South Wales, NSW, Singapore, Australia

SYDNEY, June 25 (Reuters) - PwC Australia on Sunday entered an exclusivity agreement with private equity firm Allegro Funds to sell its government practice for A$1 as it brought in an executive from Singapore to lead its local firm through the fallout from a national scandal. Amid a growing backlash from key government clients, PwC said it had entered an exclusivity agreement to divest its federal and state government business to Allegro Funds for A$1 ($0.67) as first reported on Friday. A spokesperson for Allegro Funds declined to comment. NEW CHIEF EXECUTIVEGlobal PwC Chair Bob Moritz publicly apologised in a statement and said PwC Australia had failed to meet the firm's standards and values under past leadership. "PwC Australia has significant work to do and I am confident that the steps they are taking ... will result in a stronger firm," Moritz said.

Persons: PwC, Justin Carroll, Deborah O'Neill, Bob Moritz, Kevin Burrowes, Kristin Stubbins, Burrowes, Moritz, Lewis Jackson, Sam McKeith, Christopher Cushing, Tom Hogue Organizations: SYDNEY, Sunday, Funds, Allegro Funds, PwC, Labor, Global, & Industries, Thomson Locations: Australia, Singapore, Sydney

[1/2] PwC sign is seen in the lobby of their offices in Barangaroo, Australia June 22, 2023. PwC Australia made A$3 billion ($2.01 billion) in revenue last financial year. Allegro Funds describes itself as a restructuring specialist with over A$4 billion ($2.68 billion) under management. Acting PwC Australia chief executive Kristin Stubbins said last month the firm would "ringfence" its government consulting business and appoint a separate board to consider "strategic options for the business". In a sign the scandal is beginning to impact PwC's private sector work, four major pension funds managing roughly A$750 billion froze work with the firm this month.

Persons: Lewis Jackson SYDNEY, PwC, Kristin Stubbins, Lewis Jackson, Lincoln, Simon Cameron, Moore Organizations: REUTERS, PricewaterhouseCoopers Australia, Allegro, Reserve Bank of Australia, Australian Financial, Funds, PwC Australia, Thomson Locations: Barangaroo, Australia

SYDNEY, June 21 (Reuters) - The chair of an Australian senate committee looking into PricewaterhouseCoopers' leak of a confidential government tax plan has called for an international investigation into the matter. Earlier this month, PwC Australia listed in an unpublished letter to the senate committee at least 67 current and former staff who may have known of the 2015 leak of confidential government tax plans. Acting CEO Kristin Stubbins apologised for the leak on behalf of the firm in an open letter last month. The report also called on PwC to cooperate fully with a current Australian Federal Police investigation. ($1 = 1.4778 Australian dollars)Reporting by Lewis Jackson; Editing by Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Richard Colbeck, PwC, Kristin Stubbins, Lewis Jackson, Edwina Gibbs Organizations: SYDNEY, PricewaterhouseCoopers, Australian Federal Police, Thomson Locations: Australia

☆ Australian state bans PwC from new tax contracts for three months
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +2 min

SYDNEY, June 15 (Reuters) - An Australian state on Thursday imposed a three-month ban on PricewaterhouseCoopers' (PwC) local unit from receiving new tax-related contracts - the latest repercussion to hit the firm after its misuse of confidential federal government tax plans. PwC has come under fire after a former tax partner in the firm who was advising the Australian federal government on laws to prevent corporate tax avoidance shared confidential drafts with colleagues that were used to pitch to companies for work. Last week, PwC named at least 67 current and former staff involved in the leak of government tax plans. The Australian Federal Police is investigating the misuse of confidential government documents and four major pension funds have paused work with the firm. Some private-sector clients and government agencies have also suspended or are reviewing their dealings with PwC.

Persons: PwC, Courtney Houssos, Houssos, Kristin Stubbins, Renju Jose, Edwina Gibbs Organizations: SYDNEY, PricewaterhouseCoopers, Australian Federal Police, PwC, Thomson Locations: Australian, New South Wales, Sydney

SYDNEY, May 31 (Reuters) - The Reserve Bank of Australia will not sign any new contracts with PricewaterhouseCoopers (PwC) Australia until a scandal over the firm's misuse of confidential government tax plans is sorted out, the central bank's governor said on Wednesday. The "big four" firm is on the defense after a former Australian tax partner who was consulting with the government on laws to prevent corporate tax avoidance shared confidential drafts with colleagues to drum up business around the world. As of May 16, the government had committed to contracts worth A$255 million ($173 million) with PwC in the current financial year alone, a finance department official told a parliamentary hearing last week. "(We) have taken the decision to enter no new contracts with PwC until a satisfactory response has been forthcoming," Lowe said. APRA had also spoken with major Australian banks about their ties to PwC, as recently as last week, added Lonsdale.

Persons: Philip Lowe, " Lowe, John Lonsdale, Lonsdale, Steven Kennedy, Kristin Stubbins, PwC, Lewis Jackson, Sonali Paul Organizations: SYDNEY, Reserve Bank of Australia, PricewaterhouseCoopers, PwC, Prudential Regulation Authority, APRA, prudential, Thomson Locations: Australia, Australian

SYDNEY, May 30 (Reuters) - Australia's Treasury department may not renew a A$1 million audit contract with PricewaterhouseCoopers (PwC) when it ends this year, an official told a senate hearing amid a scandal over the firm's misuse of confidential government tax plans. Amid calls to ban the firm from lucrative government contracts, Treasury Secretary Steven Kennedy told senators on Tuesday the breach was "clearly disturbing" and the department would review a PwC audit contract worth almost A$1 million that expires at the end of this year. PwC did not immediately respond to a Reuters request for comment on the audit contract. Treasury officials told senators confidentiality agreements had been updated and the department had written to PwC and 25 other firms to ask whether their governance processes were suitable for confidential tax consultations in the wake of the PwC tax leak. Reporting by Lewis Jackson in Sydney; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

SYDNEY, May 30 (Reuters) - Australian senators will use parliamentary hearings this week to demand accounting firm PricewaterhouseCoopers (PwC) name staff and clients who were in on the "big four" firm's misuse of confidential government tax plans. No confidential information was used to help clients pay less tax, it said in the statement on Monday. The cache of emails between 2014 and 2017 discuss how confidential drafts of new rules were used to seek work with U.S. technology companies, among others. The parliamentary committee will hear from the Australian Tax Office and the Tax Practitioners Board and Treasury, which last week referred the matter to police for a possible criminal investigation. Reporting by Lewis Jackson in Sydney; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

In an open letter, acting chief executive Kristin Stubbins said she wanted to apologise on behalf of the firm for "sharing confidential government tax policy information", and said nine partners had been directed to take leave. PwC agreed to stand down from government work any implicated staff a day later. The heart of the issue is that a then-partner on tax at PwC shared confidential information with colleagues while advising the government on new rules to crack down on tax minimisation by multinational companies. Asked on Monday whether the firm should release the names of those with access to confidential information, Prime Minister Anthony Albanese called for more transparency pending the police investigation. No clients were involved in any wrongdoing and no confidential information had been used to help clients pay less tax, the firm said.

SYDNEY, May 15 (Reuters) - PricewaterhouseCoopers (PwC) said the former CEO of its Australia business, who stepped down just last week, will retire from the firm, while the auditor also announced an independent review into a leak of confidential government tax information. Tom Seymour will retire as a partner at the firm on Sept. 30, PwC Australia said in a statement on Monday. According to recent local media reports, another former PwC partner had been banned by Australia's tax practitioners board for sharing government tax plans with other staff at the firm. PwC has confirmed the "unauthorised sharing of confidential tax policy information", but has not named the individuals involved. That includes if the report recommends "exiting" further people and partners from the firm, PwC added.

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