The PwC Tax Scandal

[Saint]

Geebus.

In my industry, we're NEVER allowed to work with our auditors and they can't work for us (apart from the auditing). Ever. It's a massive conflict of interest.

EY and Deloitte were going to spin-off their advisory businesses because of this restriction.

It's clear Treasury's inability to identify these massive conflicts of interests that the rest of industry identifies is part of the problem. PWC act on behalf of those being taxed, also those making the tax laws, and also audits the organisation making the tax laws which hires it to make tax laws. Surely PWC's audit should have picked up how conflicted this was too?

You would think Finance Minister Morrison should have sorted all of this during his long reign as Finance Minister.

 

[The Sultan]

calling it now, all involved will be hit with the equivalent of a wet lettuce, some middle management pleb will cop the blame. PWC will get a sweet new consultancy contract on the promise that they'll self moderate.

 

[Mofra]

calling it now, all involved will be hit with the equivalent of a wet lettuce, some middle management pleb will cop the blame. PWC will get a sweet new consultancy contract on the promise that they'll self moderate.

The real punishment will be informal - a complete blacklisting from government tenders and hundreds of millions in fees lost in coming years.

 

[Gough]

The real punishment will be informal - a complete blacklisting from government tenders and hundreds of millions in fees lost in coming years.

Publishing the names of the fifty three people on the email will be important for transparency. Otherwise it will come across as mates protecting mates.

 

[Ice-Wolf]

PwC sends nine partners on leave, chairman exits

The embattled firm will also “ringfence” all federal government advisory work as part of a suite of measures designed to signal it is taking decisive action.

www.afr.com

Equity partners so it's a paid holiday

 

[Millky95]

Can someone who please explain like I am 5 for this one please? I feel like I missed the day the news broke or something and have no idea what's happening

 

[The Sultan]

Can someone who please explain like I am 5 for this one please? I feel like I missed the day the news broke or something and have no idea what's happening

Basically PWC work with governement departments as part of their consultancy work. In this work they had access to confidential tax policies. they passed this information onto their commerical clients.

 

[Ice-Wolf]

Can someone who please explain like I am 5 for this one please? I feel like I missed the day the news broke or something and have no idea what's happening

PWC were "helping" Treasury and the ATO with proposed Tax changes. PWC then told all their mates how to get around the changes due to information they were meant to keep confidential even from others working at PWC.

In other terms, PWC were helping the teacher create a test and then passed the test and answer sheet on to all their classmates.

 

[Millky95]

Basically PWC work with governement departments as part of their consultancy work. In this work they had access to confidential tax policies. they passed this information onto their commerical clients.

PWC were "helping" Treasury and the ATO with proposed Tax changes. PWC then told all their mates how to get around the changes due to information they were meant to keep confidential even from others working at PWC.

In other terms, PWC were helping the teacher create a test and then passed the test and answer sheet on to all their classmates.

Cheers thank you

 

[Gavin Excell]

Also, to aid your understanding, they are cnts

 

[Saint]

Also, to aid your understanding, they are cnts

More precisely, they get around the place telling everyone how clever they are, but all they're doing is cheating.

They're the Lance Armstrong of Consulting (all of the Big 4 are, and they'd all probably say they wouldn't win without cheating because all the others are cheating)

 

[Gough]

I'm sure this is just coincidental too.

In time we're going to find out the Morrison government was even worse and more corrupt than we could even have imagined.

 

[Cap]

Has the Federal ICAC started yet?

Hopefully going to be very busy

 

[Ice-Wolf]

I'm sure this is just coincidental too.

In time we're going to find out the Morrison government was even worse and more corrupt than we could even have imagined.

They clearly loved his work on the committee

 

[Gough]

From 2021.

Ben Roberts-Smith was offered PwC partnership

Ben Roberts-Smith will seek millions in damages in his case against Nine, claiming he lost $475,000 in speaking gigs and a partnership at a big four accounting firm.

www.afr.com

 

[Saint]

From 2021.

Ben Roberts-Smith was offered PwC partnership

Ben Roberts-Smith will seek millions in damages in his case against Nine, claiming he lost $475,000 in speaking gigs and a partnership at a big four accounting firm.

www.afr.com

When they heard he probably murdered a bunch of people, they thought he must be the person for them, to keep these secrets hush-hush.

 

[QuietB]

In what world should a government be using a major accounting firm to advise on tax policy?

We don’t ask the Hells Angels to write bikie laws

 

[SBD Gonzalez]

In what world should a government be using a major accounting firm to advise on tax policy?

We don’t ask the Hells Angels to write bikie laws

I was first tipped off to it in Owen Jones excellent book "The Establishment - And How they Get Away With It". It's written from a British perspective but I still found it devastating, particularly when he pointed out that the big four accountants, enablers of some of the biggest tax dodges in the world, invite themselves to sit in on every government tax policy discussion, and governments let them, even welcome them. Crooked AF.

 

[The Passenger]

I'm just sad we don't have meds around anymore... I'd love to see the mental gymnastics he'd perform to defend this

 

[Not Important]

yep, and never use them again. and only use consultants when there’s no alternative.

 

[Not Important]

jeez, these peeps are everywhere.

 

[Not Important]

jo hits the mark again.

 

[Not Important]

hopefully, the damage done here will ensure governments only use consultants when there is no other option. and the public service will be the first option. when i say governments i mean labor as the reactionaries will always line the pockets of their mates.

 

[Theseventhhamster]

hopefully, the damage done here will ensure governments only use consultants when there is no other option. and the public service will be the first option. when i say governments i mean labor as the reactionaries will always line the pockets of their mates.

You're going to be disappointed. The scale may be a bit lower but both parties love to use a consultant to give them the answer they wanted to hear with the added bonus of avoiding FOI.

 

[Caesar]

You're going to be disappointed. The scale may be a bit lower but both parties love to use a consultant to give them the answer they wanted to hear with the added bonus of avoiding FOI.

It happens in the private sector as well, the whole management consulting industry basically exists on the back of senior executives covering their own arses

i.e. don’t take any controversial or risky decision without seeking external advice, then if it blows up you have someone outside the organisation to point the finger at