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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

☆ 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

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

☆ UK net debt hits highest level in more than 60 years, topping 100% of GDP
▼ + stars: | 2023-06-21 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Visitors look out to St. Paul's Cathedral from a rooftop in the City of London, UK, on Thursday, March 2, 2023. LONDON — The U.K. public sector net debt in May exceeded 100% of the nation's GDP for the first time since 1961, the Office for National Statistics said Wednesday. Public sector net debt, excluding that of state-controlled banks, came in at £2.567 trillion ($3.28 trillion), which amounted to 100.1% of GDP. Government borrowing in May totaled £20.045 billion, the ONS revealed, exceeding consensus expectations of £19.5 billion from a Reuters poll of economists. "This will likely drive up spending through increased debt interest payments and inflation-linked benefits and tax credits," Sridhar noted.

Persons: Divya Sridhar, Sridhar Organizations: City of, LONDON, National Statistics, Public, ONS Locations: St, Paul's, City, City of London

☆ 'Great Resignation' continues as quarter of workers look to change jobs - PwC
▼ + stars: | 2023-06-19 | by ( Divya Chowdhury | ) www.reuters.com time to read: +2 min

MUMBAI, June 20 (Reuters) - A quarter of workers surveyed by PwC expect to change jobs in the next 12 months, up from 19% last year, as they are increasingly left cash-strapped in a cooling economy while dealing with inflationary pressures. Even as the 'Great Resignation' continues, around 42% of the employees surveyed by PwC in its new study of the global workforce said they are planning to demand payrises to cope with the higher cost of living, up from 35% last year. "With the ongoing economic uncertainty, we see a global workforce that wants more pay and more meaning from their work," said Bhushan Sethi, joint global leader of PwC's people & organization practice. Around one worker in five is doing multiple jobs, with 69% of those saying they were doing so for additional income. Among the workers surveyed who were doing better financially, more than one-third said AI will improve their productivity, while a quarter expected AI to create new job opportunities.

Persons: Bhushan Sethi, Gen, Divya Chowdhury, Jan Harvey Organizations: PwC, Survey, Workers, Reuters Global, Thomson Locations: MUMBAI, Mumbai

☆ Gen-Z is taking courses on how to send an email and what to wear in the office, according to a WSJ report
▼ + stars: | 2023-06-19 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Some companies and colleges are offering new grads training on how to work in person, WSJ reported. The courses can cover everything from office chitchat to work attire and meal-time etiquette. Some experts say Gen-Z is lacking in soft skills due to virtual classes and remote internships. Some companies and universities have already begun offering training to help Generation-Z employees adapt to the office, according to a new report from The Wall Street Journal. Since, the company has begun requiring its workers to come into the office for at least three days a week.

Persons: chitchat, Sandy Torchia, PwC, Proviti, Scott Redfearn, Marla McGraw, Spokespeople, Helen Hughes, Meta's Mark Zuckerberg Organizations: Wall Street, KPMG, Journal, Deloitte, Financial Times, Millennials, Michigan State, Proviti, MSU, Miami University, Leeds University Business School, BBC

☆ 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

☆ Gen Z and millennial workers feel confused, irritated, and left out by endless 'workplace jargon' in the office, LinkedIn research shows
▼ + stars: | 2023-06-13 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Almost half of Gen Z and Millennial workers say "workplace jargon" is making them feel left out. A new survey by LinkedIn found that young professionals are puzzled by lingo like "ducks in a row." Two-thirds of Gen Z and Millennials think knowing workplace jargon could help them get ahead. Learning the workplace language can be tough, and we hope that by opening up the conversation, we can help to break down that workplace language barrier." Gen Z is still getting to grips with the workplace and those who graduated during the pandemic may find it even harder to integrate.

Persons: Z, Gen, —, Charlotte Davies, Millennials, PWC Organizations: LinkedIn, Service, Deloitte, Financial Times

“There is unprecedented interest in all areas of A.I.,” Julie Sweet, Accenture’s C.E.O., said. Accenture plans to double its A.I.-focused staff to 80,000, through a mix of hiring, acquisitions and training. It also plans to use generative A.I. moves, too: PwC said in April that it would invest $1 billion over the next three years, while EY announced in 2021 that it would invest $2.5 billion over three years. work dates back at least to the introduction of Watson, has announced a “Center of Excellence” for generative A.I.

Persons: ” Julie Sweet, Accenture’s, PwC, EY, Bain, Watson Organizations: Accenture, Company, OpenAI, Deloitte, Nvidia, IBM Locations: A.I

☆ Who wants to be a CEO right now?
▼ + stars: | 2023-06-09 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Let's be real: Being a CEO sucks right now. But 2023 has brought a level of scrutiny that makes being a CEO today a nightmare for even the toughest leader. CNN's former chief Chris Licht stepped down on Wednesday after less than a year, following intense criticism from inside and outside his newsroom. Meme stock company GameStop fired its CEO Matthew Furlong on the same day as Licht, also after a short tenure. At the low point of a boom-and-bust cycle where high interest rates and high expectations reign supreme, being a CEO sucks.

Persons: Let's, CNN's Chris Licht, —, Jack Welch, CNN's, Chris Licht, Licht, Matthew Furlong, Jeff Shell, Jack Bowles, Patience, Matt Turner, Raul Vargas Organizations: Corporate, Service, General Electric, Observers, GameStop, Google, Farmers Group Locations: freefall, British

☆ How a quest for identity made China the luxury powerhouse that it is today
▼ + stars: | 2023-06-09 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +5 min

"Traditions provide identity. As CCP has destroyed Chinese traditions, luxury brands step in to provide that," he tweeted. Consider this: The country's luxury market is set to hit 816 billion yuan, or $115 billion, by 2025. "Traditions provide identity. Rapid urbanization and consumerism did more to fuel China's luxury boom than a lack of religion, he said.

Persons: Desmond Shum, —, That's, PwC, Bernard Arnault —, Shum —, Shum, Simon & Schuster, Pierre Xiao Lu, Lu, Karl Gerth, Gerth, Yuwan Hu, Chanel, Dior, Louis Vuitton Organizations: CCP, Service, Privacy, Shanghai's Fudan University, Wharton, University of California, Daxue Consulting Locations: China, Europe, Today's China, San Diego, Beijing

☆ Millennials and Gen Zers are the most concerned about AI and their jobs
▼ + stars: | 2023-06-08 | by ( Josée Rose | ) www.businessinsider.com time to read: +3 min

Millennials and Gen Zers are "extremely or very" concerned about how AI will affect their careers. Gen Zers haven't lived through as many tech evolutions as Gen Xers and Boomers. Indeed, Insider's UK bureau chief, Spriha Srivastava, has written how the flurry of Gen AI tools is getting out of control , creating a generational divide. These types of efforts are meant to help "demystify the impact that Gen AI has on our jobs," Torchia said. "We have a responsibility to train people on how to responsibly use Gen AI to get work done."

Persons: Millennials, Zers, Gen Zers haven't, Xers, Sandy Torchia, Gen Zers, Gen Xers, Torchia, they've, They've, Torchia siad, Spriha Srivastava, Matt Turner, There's Organizations: Service, KPMG Talent Survey, Boomers, Insider's, PwC, KPMG

☆ Indonesia's delayed China-funded rail project beset by fresh problems
▼ + stars: | 2023-06-07 | by ( Stefanno Sulaiman | ) www.reuters.com time to read: +5 min

[1/2] An electric Multiple Unit high-speed train is seen during Hot Sliding Test in Tegalluar, Bandung, West Java province, Indonesia, May 19, 2023, in this photo taken by Antara Foto. China-backed consortium PT KCIC, Mott MacDonald, Umbra, CDB and China's embassy in Jakarta did not respond immediately to requests for comment. PT KCIC was awarded the project in 2015 after lodging a cheaper proposal than a Japanese rival, with completion expected in 2019. The planned 45-minute train ride between Jakarta and Bandung compares with a car journey of two to three hours or the current three-hour rail trip. Locating the stations in central Jakarta and Bandung would have been too costly, ministry official Seto said.

Persons: Antara, Al Farisi, Joko Widodo, Teuku Rezasyah, Mott MacDonald, Mahendra Vijaya, Hario, PwC, Sutanto Soehodho, Seto, Stefanno Sulaiman, Devjyot Ghoshal, Jamie Freed Organizations: REUTERS, Initiative, Padjadjaran University, Reuters, PT, China Development Bank, CDB, PT KCIC, KCIC, University of Indonesia, Thomson Locations: Tegalluar, Bandung, West Java, Indonesia, REUTERS JAKARTA, China, Jakarta, Indonesian, Southeast Asia's, Independence, PwC, CDB, China's

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

☆ McCarthy's moment: Debt ceiling vote secures Republican US House speaker's standing
▼ + stars: | 2023-06-01 | by ( David Morgan | ) www.reuters.com time to read: +7 min

"Keep underestimating us and we'll keep proving to the American public that we'll never give up," McCarthy told reporters after the vote. But in getting the April measure passed, House Republicans became the only body in Washington that had acted to raise the debt ceiling. "Speaker McCarthy's done an incredible job," said Representative Marjorie Taylor Greene, a member of the hardline Republican House Freedom Caucus. "This is where the honeymoon can definitely end," said Republican strategist Ron Bonjean, a one-time aide to former House Speaker Dennis Hastert. Asked this week whether he expects to keep his speakership, McCarthy told a reporter: "What do you think?

Persons: Kevin McCarthy, Joe Biden, McCarthy, Biden, we'll, Dusty Johnson, haven't, Johnson, wouldn't, Donald Trump, Trump, Republican Mitch McConnell, McConnell, Rohit Kumar, Mitch McConnell, Julia Nikhinson, Shalanda Young, McCarthy's, Marjorie Taylor Greene, Patrick McHenry, Garret Graves, Ralph Norman, Norman, that's, John Boehner, Ron Bonjean, Dennis Hastert, I'm, Kelly Armstrong, David Morgan, Steve Holland, Gram Slattery, Jason Lange, Scott Malone, Suzanne Goldenberg Organizations: U.S . House, Republican, Democratic, Democrats, White House, Reuters, Republicans, House Republicans, U.S, Capitol, REUTERS, House, Caucus, White, Thomson Locations: Washington, Washington . U.S, U.S, Washington , U.S

☆ McCarthy's moment: Debt ceiling win secures Republican US House speaker's standing
▼ + stars: | 2023-06-01 | by ( David Morgan | ) www.reuters.com time to read: +7 min

But in getting the April measure passed, House Republicans became the only body in Washington that had acted to raise the debt ceiling. The White House, for its part, contends that the talks between Biden and McCarthy were not a negotiation on the debt ceiling. "Speaker McCarthy's done an incredible job," said Representative Marjorie Taylor Greene, a member of the hardline Republican House Freedom Caucus. "This is where the honeymoon can definitely end," said Republican strategist Ron Bonjean, a one-time aide to former House Speaker Dennis Hastert. Asked this week whether he expects to keep his speakership, McCarthy told a reporter: "What do you think?

Persons: Kevin McCarthy, Joe Biden, McCarthy, Biden, Dusty Johnson, haven't, Johnson, wouldn't, Donald Trump, Trump, Republican Mitch McConnell, McConnell, Rohit Kumar, Mitch McConnell, Shalanda Young, McCarthy's, Marjorie Taylor Greene, Patrick McHenry, Garret Graves, Ralph Norman, Norman, that's, John Boehner, Ron Bonjean, Dennis Hastert, I'm, Kelly Armstrong, David Morgan, Steve Holland, Jason Lange, Scott Malone, Suzanne Goldenberg Organizations: U.S . House, Republican, Democratic, Democrats, White House, Reuters, Republicans, House Republicans, House, Caucus, White, Thomson Locations: Washington

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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