Apology “For Betrayal”: PwC Sends Nine Partners On Leave

Under-fire accounting and consultancy giant PwC has ordered nine partners to take leave over the tax policy leak scandal and apologised for breaking the public trust.

The company announced that nine partners would go on leave “effective immediately”, but it refused to disclose the identities of the partners affected.

Stay up-to-date on the latest news with The National Briefing – keeping you in the loop with news as it hits:

The chairs of the governance board and its designated risk committee have also stepped down.

PwC Australia’s acting chief executive Kristin Stubbins announced the actions on Monday.

“Although investigations are still underway, we know enough about what went wrong to acknowledge that this situation was completely unacceptable,” Ms Stubbins wrote in an open letter.

Ms Stubbins apologised for the “completely unacceptable” and said there was “no amount of words can make it right.”

RELATED:   When Shane Warne Ordered A Pizza To Nobu During The 1999 ODI World Cup

“There has been an assumption by some that all those whose names have been redacted must necessarily be involved in wrongdoing,” she wrote.

“Based on our ongoing investigation, we believe that the vast majority of the recipients of these emails are neither responsible for nor were knowingly involved in any confidentiality breach.”

Listen the episode below to find out more:

Ms Stubbins said the company will now “ringfence” its government advisory business to minimise conflict of interest. 

The firm also committed to publishing an independent review by Ziggy Switkowski into the company’s governance, accountability and culture.

PwC has received prior criticism for committing to sharing only a summary of the report’s essential recommendations, expected to be released in September.

Hosted by Sacha Barbour, This Arvo in Sydney is a 10 to 12 minute daily news podcast made just for Sydney! Listen now on the Listnr app.