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☆ Deloitte expands as PwC Maldives, Sri Lanka network firms exit - memo
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Anushree Fadnavis Acquire Licensing RightsBENGALURU, Oct 9 (Reuters) - Accounting giant Deloitte is acquiring some of rival PricewaterhouseCoopers' (PwC) Maldives and Sri Lanka network firms, according to a Deloitte memo seen by Reuters, strengthening the company's presence in the South Asia region. PwC's Sri Lanka and Maldives firms will join Deloitte with effect from Oct. 28, the memo said. PwC Sri Lanka and Maldives also confirmed the Deloitte deal in a separate memo sent to some clients seen by Reuters. We are "committed to effecting a seamless transition as we prepare to join Deloitte," the memo said. Deloitte already has a presence in Sri Lanka, largely providing audit services in the region, the source with direct knowledge said.

Persons: Anushree, PwC, Romal Shetty, Nandan Mandayam, Aditya Kalra, Pooja Desai, Mark Potter Organizations: Deloitte, REUTERS, Rights, Accounting, PricewaterhouseCoopers, PwC, EY, KPMG, Reuters, Deloitte South Asia, Sri, Thomson Locations: Gurugram, India, Maldives, Sri Lanka, South Asia, Bengaluru, New Delhi

☆ I'm a C-suite exec at PwC who still struggles with imposter syndrome. Here's how I manage it.
▼ + stars: | 2023-10-09 | by ( J.C. Lapierre | ) www.businessinsider.com time to read: +7 min

She writes that her career wouldn't have been possible if she had given in to imposter syndrome. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . I don't know what I'm doing. I know that when you're feeling like a fraud, it can be tempting to keep quiet when you don't know something. But I'm also certain that if I take the steps above to control what I can, I'll manage to swim to the surface again.

Persons: J.C, Lapierre, wouldn't, —, — I've, I've, they're, I'm Organizations: PricewaterhouseCoopers, Service Locations: PwC

☆ Inside the consulting industry's race to become AI rainmakers
▼ + stars: | 2023-10-04 | by ( Tim Paradis | ) www.businessinsider.com time to read: +9 min

Big consulting companies are racing to add to their offerings around artificial intelligence. That's the bet consulting companies have been making as they rush to build out their generative AI offerings. To help companies figure out how to use AI, the consulting giants are racing to scoop up companies that specialize in the technology. Consulting firms' push to bulk up on AI comes as many workers are worried that AI bots will snatch their jobs . That same month, Deloitte introduced a set of services called Quartz AI to help clients use technology like GenAI.

Persons: —, they're, OpenAI's ChatGPT, They're, Sawhney, ChatGPT, Steve Chase, he's, Chase, EY EY, EY, PwC PwC, PwC, Shannon Schuyler, Bain, BCG Organizations: Service, Accenture, McKinsey, PriceWaterhouseCoopers, Northwestern University's Kellogg School of Management, Deloitte, LinkedIn, Fortune, KPMG, Microsoft, KPMG US, Bain Bain & Company, Boston Consulting, OpenAI, Deloitte Deloitte, Nvidia, QuantumBlack, QuantumBlack Labs Locations: Mexico

☆ Timeline: China Evergrande's worsening debt crisis
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +5 min

The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. Here is a timeline of how Evergrande's debt crisis has unfolded:August, 2021Many Evergrande projects across the country halt construction due to overdue payments. November, 2022A mansion belonging to Evergrande's chairman in Hong Kong's prestigious The Peak residential enclave is seized by lender China Construction Bank (Asia). February, 2023An independent committee finds Evergrande's directors fell "below standards" through their involvement in diverting loans secured by unit Evergrande Property Services (6666.HK) to the group. July, 2023Evergrande posts a net loss of 476 billion yuan and 105.9 billion yuan for 2021 and 2022, respectively, versus a net profit of 8.1 billion yuan in 2020 when its operation was normal.

Persons: Aly, Evergrande, Hui, Clare Jim, Xie Yu, Roxanne Liu, Sumeet Chatterjee, Kim Coghill Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Bloomberg, China Construction Bank, Evergrande, Services, Administration of Financial, Life Insurance, Evergrande . Police, Financial Wealth Management, Thomson Locations: China, Shenzhen, Guangdong province, China's, Evergrande, Hong, Asia, Hong Kong, U.S

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

☆ Inside PwC's push to train its workers on AI
▼ + stars: | 2023-09-18 | by ( Tim Paradis | ) www.businessinsider.com time to read: +5 min

PwC plans to train 75,000 workers in the US and Mexico on artificial intelligence. The training comes as some new hires don't posses certain necessary tech skills. The training is designed to teach partners and employees what AI is and how they can safely incorporate it into their work. That's sending big companies, including the consulting giants, into a race to acquire expertise in AI and to train up their workforces. To help ensure workers have the necessary skills, the company puts new hires and even interns through training programs.

Persons: —, Shannon Schuyler, Schuyler, Yolanda Seals Organizations: Service, PricewaterhouseCoopers, New, Workers Locations: Mexico, Wall, Silicon, GenAI

☆ What is shadow banking? Unpacking the risks for China
▼ + stars: | 2023-09-14 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

China Photos | Getty Images News | Getty ImagesBEIJING — China's real estate problems have again drawn attention to the world of shadow banking and the risks it poses to the economy. Shadow banking — a term coined in the U.S. in 2007 — refers to financial services offered outside the formal banking system, which is highly regulated. Estimates of the size of shadow banking in China vary widely, but range in the trillions of U.S. dollars. Shadow banking and real estateChina's property sector, an estimated one-fourth of the economy, lies at the intersection of shadow banking, local government finances and household assets. "These trust companies were basically part of the shadow banking system in China."

Persons: —, Logan Wright, Wright, Shimao, PwC, Edward Chan, Nomura Organizations: Getty, BEIJING, Developers, Logan Wright Center for Strategic, Center for Strategic, Studies, PricewaterhouseCoopers, CNBC, CSIS Locations: Shanghai, China, U.S

☆ Mobileye appoints insider Rojansky as CFO
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

The listing of Mobileye Global Inc., the self-driving unit of chip maker Intel Corp, is seen on a jumbotron outside the Nasdaq MarketSite at Times Square in New York City, U.S., October 26, 2022. REUTERS/Shannon Stapleton/File photo Acquire Licensing RightsSept 11 (Reuters) - Self-driving technology maker Mobileye Global (MBLY.O) named insider Moran Rojansky as its chief financial officer on Monday, succeeding Anat Heller who left the role in June for personal reasons. Rojansky, 43, has been with the Israel-based company since 2016 and most recently served as its interim finance chief. Heller will continue to serve as an adviser to the company's finance department and senior management, Mobileye said. The company, spun off from Intel (INTC.O) in October, has partnerships with prominent automakers including Volkswagen (VOWG_p.DE) and Porsche (PSHG_p.DE).

Persons: Shannon Stapleton, Moran Rojansky, Anat Heller, Heller, Mobileye, Arsheeya, Maju Samuel Organizations: Mobileye Global Inc, Intel Corp, Nasdaq, REUTERS, Mobileye, PricewaterhouseCoopers, Intel, Volkswagen, Porsche, Polestar, Thomson Locations: New York City, U.S, Israel, Mobileye, Bengaluru

The development comes days after SoftBank Group-backed (9984.T) chip designer Arm Holdings made public its IPO filing. Instacart said its revenue had surged to $1.48 billion in the six months ended June 30, compared with $1.13 billion in the same period last year. Net income was $242 million during the six-month period, compared to a $74 million loss a year earlier, Instacart said. Customers can order through the Instacart app, and an Instacart "shopper" delivers the product in as little as 30 minutes. Unlike in an IPO, no shares are sold in advance in a direct listing and investors can sell their shares directly to the public.

Persons: Dado Ruvic, Mark Schwartz, Mike Bellin, Instacart, Goldman Sachs, Fidji Simo, Frank Slootman, Niket, Savyata Mishra, Shilpi Majumdar, Shinjini, Maju Samuel Organizations: REUTERS, SoftBank, Arm Holdings, PricewaterhouseCoopers U.S, San, underwriters, Nasdaq, Facebook, Canada, CVS, Reuters, Thomson Locations: San Francisco, United States, Snowflake, Bengaluru

☆ China Evergrande says resumption guidance fulfilled, shares set to trade next week
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +2 min

Cranes stand at a construction site near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song Acquire Licensing RightsAug 25 (Reuters) - Embattled property developer China Evergrande Group (3333.HK) said on Friday it has "adequately" fulfilled the resumption guidance issued by the Hong Kong Stock Exchange and made an application to resume trading in shares on Aug. 28. Trading in the company's shares was suspended on March 21 last year after it failed to get back on its feet amid the debt crisis. On the same day, the company's unit, China Evergrande New Energy Vehicle (0708.HK), posted a loss attributable from continuing operations of 5.80 billion yuan ($795.84 million), compared with a loss of 3.87 billion, from a year ago. ($1 = 7.2879 Chinese yuan renminbi)Reporting by Roushni Nair in Bengaluru; Editing by Pooja DesaiOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Evergrande, Roushni Nair, Pooja Desai Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Hong Kong Stock Exchange, Prism, Shanghai Ltd, PricewaterhouseCoopers, Energy, Thomson Locations: China, Shenzhen, Guangdong province, Prism Hong Kong, Shanghai, U.S, United States, Bengaluru

While global supply networks recover from the pandemic shock, fresh impetus is coming from tougher environmental standards, which drive companies to invest in new technologies to reduce their and their suppliers' emissions. "So in battery, steel, aluminum and cast iron we will only source green materials and technologies by 2030," Foller told Reuters. The foundation told Reuters it would also consider further investments in producers of steel, construction and green aluminium produced with hydropower or from recycled materials. Scania said that following its 10 million euro ($11.15 million) seed investment in H2GS in 2021, it has entered a steel supply agreement from 2027. While companies will keep investing in their suppliers in the short to medium term, the market will eventually reach saturation, said Jon Chadwick, global energy transition lead at PricewaterhouseCoopers.

Persons: Andreas Follér, Foller, Rebecca Campbell, China's, Scania's Foller, Britain's, They're, Maybel Saleh, Case's Campbell, Jon Chadwick, Clara Denina, Sarah McFarlane, Helen Reid, Veronica Brown, Tomasz Janowski Organizations: IKEA, Climate Tech VC, Scania, Reuters, White &, Export, GM, IMAS Foundation, Airlines, EMEA, Citi . Supply, Equity, PricewaterhouseCoopers, Thomson Locations: Ukraine, China, Russia, Beijing, Sweden, Swedish, H2GS, Norway, Germany, Indonesia, Britain, Bristol

☆ UBS to retain EY as auditor after Credit Suisse takeover, Financial Times reports
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: +1 min

July 16 (Reuters) - UBS Group (UBSG.S) has decided to retain EY as its external auditor, enlarging its role to include Credit Suisse's accounts from 2024, the Financial Times reported on Sunday, citing people with knowledge of the decision. UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.48 billion) in March after panicked customers withdrew cash from their accounts at the stricken lender. PwC in Credit Suisse's 2022 annual report had included an "adverse opinion" on the effectiveness of the bank's internal controls over its reporting but said its statements "present fairly, in all material respects" the financial position of the bank from 2020 through 2022. UBS and EY did not immediately respond to requests for comment on the FT report while PwC said it would not be making any comment on the story. ($1 = 0.8617 Swiss francs)Reporting by Juby Babu in Bengaluru; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: EY, PwC, Juby Babu, Jamie Freed Organizations: UBS, Financial Times, Big, PricewaterhouseCoopers, Credit Suisse, Thomson Locations: Bengaluru

☆ UBS to retain EY as auditor after Credit Suisse takeover- FT
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: +1 min

July 16 (Reuters) - UBS Group (UBSG.S) has decided to retain EY as its external auditor, enlarging its role to include Credit Suisse's accounts from 2024, the Financial Times reported on Sunday, citing people with knowledge of the decision. The size of the contract will require the Big Four accounting firm to call in staff from other countries to work on the audit, two people told the FT.PricewaterhouseCoopers (PwC), which has been Credit Suisse's auditor since 2020, will audit the acquired bank's accounts for 2023, according to the newspaper. UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.48 billion) in March after panicked customers withdrew cash from their accounts at the stricken lender. UBS, EY and PwC did not immediately respond to requests for comment on the FT report. ($1 = 0.8617 Swiss francs)Reporting by Juby Babu in Bengaluru; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: PwC, Juby Babu, Jamie Freed Organizations: UBS, Financial Times, Big, PricewaterhouseCoopers, Credit Suisse, EY, Thomson Locations: Bengaluru

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

☆ KPMG to cut 5% of US jobs in fresh round of layoffs
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

The firm had over 39,000 employees in the U.S. at the end of its last fiscal year on Sept. 30. KPMG, which cut about 2% of its U.S. workforce in February as per a Financial Times report, was the first of the world's four biggest accountancy firms to slash jobs in the country. The latest round of job cuts would take place through the rest of its 2023 financial year, the firm said. KPMG's fresh round of layoffs were first reported by the Financial Times. Besides KPMG, EY, Deloitte and PricewaterhouseCoopers (PwC) make up the Big Four of accounting firms.

Persons: Ernst, Niket, Shweta Agarwal Organizations: KPMG, Big, Times, Young's U.S, Deloitte, Financial, EY, PricewaterhouseCoopers, Thomson Locations: U.S, Bengaluru

[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

☆ Australia's central bank owes underpaid workers over $770,000
▼ + stars: | 2023-06-14 | by ( ) www.reuters.com time to read: +1 min

SYDNEY, June 14 (Reuters) - Australia's central bank will pay out just over A$1 million in back pay after an internal review found on Wednesday the bank had systematically underpaid more than a thousand current and former employees. A review into the Reserve Bank of Australia's (RBA) "more complex remuneration arrangements" identified 1,173 current and former staff owed roughly A$1.15 million ($777,975), according to a statement on Wednesday. Most of the money owed came from leave entitlements that should have been paid out when staff left the bank, the bank said. The bank should be setting an example for the broader sector on pay and was right to apologise, according to Julia Angrisano, national secretary of the Finance Sector Union. ($1 = 1.4782 Australian dollars)Reporting by Lewis Jackson; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Julia Angrisano, Philip Lowe, Lewis Jackson, Kim Coghill Organizations: SYDNEY, Reserve Bank of Australia's, Finance Sector Union, BHP, PricewaterhouseCoopers, Thomson Locations: Australia

SYDNEY, June 7 (Reuters) - HESTA, one of Australia's largest pension funds, on Wednesday froze work with PricewaterhouseCoopers (PwC) Australia, the latest fund to blacklist the firm amid a national scandal over its misuse of confidential government tax plans. The A$72 billion ($48 billion) fund is "very concerned" and will "restrict consideration of PwC for any new or additional service provision", according to a statement on Wednesday. The fund is audited by PwC. The move comes days after Australia's largest and second-largest pension funds froze work with the firm and raises the risk PwC may lose private sector clients just as a growing list of government agencies pause or review work with the firm. PwC on Monday named at least 67 current and former staff associated with the breach in an unpublished letter to lawmakers.

Persons: PwC, Lewis Jackson, Sonali Paul Organizations: SYDNEY, PricewaterhouseCoopers, PwC, Thomson Locations: Australia

☆ A 34-year-old real-estate investor explains his 'recession-proof' investing strategy that helped him achieve financial independence and quit his day job
▼ + stars: | 2023-06-04 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +4 min

By mid-2022, the cash flow from his two short-term rental units was enough to cover his family's expenses, allowing him to quit his day job. He is passionate about providing affordable housing, having seen first-hand how it can change a family's outcome. Long story short, she finally got her affordable housing unit and she was in tears." He expects his affordable housing unit, which he's currently renovating, to profit $200 a month minimum. "I think it's the perfect diversification strategy," said He, whose long-term goal is to acquire 1,000 affordable housing units.

Persons: Kent, PwC, there's Organizations: Bentley University, PricewaterhouseCoopers Locations: America, San Diego, Scottsdale , Arizona, Covid, Fairfield , Alabama, China, Boston, Chinatown

SYDNEY, June 2 (Reuters) - Australia's largest pension fund will pause use of the domestic unit of auditor PricewaterhouseCoopers (PwC) as the "big four" firm reels from a national scandal over its use of confidential government tax plans to drum up work with global clients. The roughly A$290 billion ($196.71 billion) fund, AustralianSuper, has frozen new contracts with PwC and expressed concerns about the scandal "at the highest level", according to a spokesperson. An audit contract worth A$1.6 million in 2022, will be reviewed this year, the spokesperson added. The Reserve Bank of Australia on Wednesday froze future work while Treasury and the Australian Prudential Regulatory Authority have hinted that the firm is blacklisted. The A$150 billion AwareSuper said the fund was working with PwC to determine whether tax advisers who had worked with the fund were implicated in the leak.

Persons: PwC, Lewis Jackson, Gerry Doyle Organizations: SYDNEY, PricewaterhouseCoopers, Reserve Bank of Australia, Wednesday, Treasury, Australian Prudential Regulatory Authority, Thomson Locations: Australia

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.

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