Finding a way to straighten out the structural issue would be the constructive way for the entire professional services sector to move on from a bad patch.
All of Australia’s big four and many other accounting and consultancy firms have the same excessively large partnership-based corporate form. Partnerships were designed for a small group of individuals, not hundreds of disparate professionals.at times has become a political witch-hunt to try to banish private consultants from government work. There are now three federal and state inquiries and eight Treasury reviews into the regulation of auditors, accountants and other “professionals”.
Some might pause before encouraging government intervention into how private partnerships run themselves. But the legitimate issue is the seeming mismatch between the loose partnership form and the more centralised revised corporate-style governance that is now called for. Finding a way to straighten out that structural issue would be the constructive way for PwC and the entire professional services sector to move on from the tax leak scandal.
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