PwC's apology tour extends to its alumni
The big four firm has contacted alumni to apologise for the tax leaks scandal that has engulfed it this year. Capital Brief reporter Kate Burgess is among them.
The intel: PwC's Australian chief executive Kevin Burrowes has contacted the firm's alumni to apologise for the behaviour of its partners and staff in the ongoing tax leaks scandal that has engulfed the firm, and the failure of its internal culture and risk and compliance framework to prevent it.
“We take full accountability for these shortcomings, as well as the environment and culture which allowed them to go unchecked over time," he said in the letter. "We are sorry. We will use the important lessons we have learned to set new standards for our firm — standards that will help us meet the expectations of our people, our clients, and our communities.”
Burrowes made the comments following the release of a review by prominent company director Ziggy Switkowski on the scandal, which found multiple corporate governance failures at the firm.
The context: PwC partners shared confidential advice the firm prepared for the government with multinational clients. The ensuing scandal forced the exit of the firm's previous leadership and resulted in it selling its government advisory business to private equity firm Allegro Funds. The company commissioned Switkowski to conduct an independent review in response.
