PwC Australia will add three independent directors to its governance board in response to a report into the firm’s operations triggered by its tax leaks scandal.
PwC Australia will add three independent directors to its board and publish audited accounts, a first for the big four, in a bid to cure a “shadow culture” uncovered by Ziggy Switkowski’s report into the tax leaks scandal.
PwC global chairman Bob Moritz is expected to be in Australia to brief partners and clients about the firm’s response. Australian chief executive Kevin Burrowes said the response will show the firm’s commitment to improving its governance. The Switkowski report, which was handed to Mr Burrowes at the end of last month, has been tightly held to a small group of senior leaders that has even excluded some members of the firm’s executive board.Mr Burrowes was expected to brief the firm’s extended executive leadership team about its contents and the firm’s response on Tuesday evening, the firm’s wider partnership on Wednesday morning and staff after midday.
The recruitment process for these new members is likely to be lengthy because the individuals will need to be both experienced enough to handle the role but not fall foul of restrictive independence rules imposed by US audit regulators.Advertisement
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