A new parliamentary inquiry triggered by the PwC tax leaks scandal could lead to the big four firms being forced to restructure or obligated to adhere to rules that currently don’t apply to partnerships.
A new parliamentary inquiry triggered by the PwC tax leaks scandal will examine the partnership models of the big four consulting firms, their lack of disclosure obligations, and explore how regulators and the government can impose penalties on their personnel for bad behaviour.
“The Joint Standing Committee on Corporations and Financial Services, which includes both senators and members, is committed to doing the necessary work to reveal prevailing realities, uncovering the full extent of failure points and make recommendations for change necessary to ensure the national interest prevails.
In a related development, PwC Australia told the Senate committee examining consulting firms that it has stripped retirement payments from two former partners it says were “involved” in the breach of confidential tax information, but declined to reveal why.PwC told the Senate committee that four former partners – Peter Collins, Neil Fuller, Michael Bersten and Paul McNab – who were “involved in the breach of confidential Australia Tax Office information” had left the firm.
In contrast, the firm’s Senate response said that “Mr Collins retired as a partner of PwC on 20 October 2022, for reasons connected with the Tax Practitioners Board investigation”. PwC’s response states Mr McNab emailed an employee the start date of the MAAL but at that time that was already public information, and that there was no evidence he had provided this information to any companies.Parliamentary Joint Committee on Corporations and Financial Services
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