The tax leak scandal concludes a relationship dating back to 1968, valued at US$22 million in fees in 2023.
PwC faced criticism over leveraging leaked Australian government tax plans to secure contracts with global companies.
Westpac, in a two-paragraph statement, did not mention the tax leak issue or give a reason for its decision to end its relationship with PwC. It said it would tender for a new external auditor as part of “best practice for audit firm rotation”. 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.
Since coming to light in January, the tax plan scandal has forced out PwC Australia’s chief executive and a string of senior partners, prompted public- and private-sector clients to freeze ties and entangled big-name customers including Alphabet’s Google, Uber Technologies and Facebook owner Meta Platforms.