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PWC hit by CA ANZ’s maximum penalty

Mike Taylor28 November 2023
"Hard facts straight ahead" sign

PricewaterhouseCoopers (PWC Australia) has been hit with the maximum penalty available to the major accounting group CA ANZ.

CA ANZ announced early today that it had censured PWC and imposed the maximum fine available under its by-laws – $50,000 plus a full costs order of $45,668 and imposed review and reporting requirements on the firm.

It said this was as a result of a the Tax Practitioners Board (TPB order against PWC made in January.

The CA ANZ Disciplinary Tribunal found that PwC Australia breached the CA ANZ By-Laws and brought discredit upon itself, CA ANZ and the profession of accountancy, and has ordered the firm to comply with a regime of reporting, monitoring and review to CA ANZ, in conjunction with other authorities, up until at least 1 July 2026.

This includes, keeping the Professional Conduct Committee (PCC) informed of the progress and results of the TPB-ordered training of partners and staff on compliance with the TPB Code of Professional Conduct and management of conflicts of interest, in particular of those involved in confidential tax consultations.

PwC Australia will also deliver progress reports to the PCC on the implementation of recommendations from Dr Ziggy Switkowski AO’s Independent Review.

Mike Taylor

Mike Taylor

Managing Editor/Publisher, Financial Newswire

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Wet lettuce leaf
6 months ago

This is just unacceptable