Switkowski review slams PwC's 'whatever it takes' culture
Make us a preferred source
Make us a preferred source on Google
The news: PwC has released a scathing independent review into the firm's culture and practices and promised to implement all its recommendations in the aftermath of the leaked government documents scandal.
The numbers: PwC said on Wednesday it had already implemented some of the recommendations from former Telstra boss Ziggy Switkowski's review. It's also released an action plan the group's ongoing response, which includes applying ASX corporate governance principles and recommendations, plus appointing external people to senior roles such as chief risk officer.
The context: At least 12 PwC partners have been forced out of the firm since January, when it was revealed a former partner had leaked federal government plans to crack down on tax avoidance to win global clients. PwC subsequently sold its government consulting business to private equity firm Allegro Funds for $1 to protect staff and partner jobs.
What they said: "The focus on 'whatever it takes' seems, at times, to have contributed to integrity failures — some partners did the wrong thing, while others failed to do the right thing by overlooking or minimising the significance of questionable behaviours," Switkowski wrote in his review.
"While at times difficult and disappointing to read, Dr Switkowski's Review lays bare where shortcomings exist in our firm and a culture that allowed them to go unchecked over time," PwC chief executive Kevin Burrowes said in a statement.
The sources: Switkowski Review, PwC Action Plan, Reuters, PwC Media Release
