The powerful US Public Company Accounting Oversight Board is investigating the Australian tax leaks scandal, bringing increased risk to PwC’s global operations.
The powerful US audit watchdog is investigating PwC Australia’s tax leaks scandal after the local firm was more than a year late in self-reporting the matter.
Jan McCahey, PwC Australia’s chief risk and ethics leader, during a hearing of the Senate inquiry into consultants last week.The development increases the risk to the firm’s global operations from the scandal, which stemmed from a former partner sharing confidential government information with PwC personnel. They then used it to help clients sidestep tax laws that the firm was helping Treasury develop.
The PCAOB, created in 2002 by the US Congress because of the failure of self-regulation by auditors, can issue sanctions for bad behaviour including million-dollar fines and limit a firm’s ability to continue auditing public companies.The PCAOB investigation brings the risk of US PwC partners being dragged into the scandal after a
“for commercial gain”. Six of the firm’s international operatives were disciplined for not inquiring about the nature of the data.
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