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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

☆ Westpac acknowledges legal proceedings on financial hardships negligence
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Loren Elliott Acquire Licensing RightsCompanies Westpac Banking Corp FollowSept 4 (Reuters) - Australia's Westpac Banking Corp (WBC.AX) on Tuesday said it was aware of legal proceedings launched by the country's corporate regulator alleging the lender's failure to assist its customers with financial hardship notices between 2015 and 2022. The legal proceedings are linked with a "technology failure" in which the Australian Securities and Investments Commission (ASIC) claimed 229 applications for financial hardship assistance logged between 2015 and 2022 were not evaluated within 21 days, Westpac said in an email response to Reuters. "This error meant we didn't provide some of our customers with the help they needed. For this, we are deeply sorry," said Westpac Group Chief Information Officer Scott Collary. Over the alleged period of breach, Westpac received about 630,000 applications for hardship assistance, the company told Reuters.

Persons: Loren Elliott, Scott Collary, Roushni Nair, Sandra Maler Organizations: Westpac, Central Business District of, REUTERS, Rights Companies Westpac Banking, Australia's Westpac Banking Corp, Australian Securities and Investments Commission, Reuters, Westpac Group, Australia's National, Thomson Locations: Central Business District of Sydney, Australia, Bengaluru

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