PwC blames a “failure of leadership” for tax leak scandal | 7.30
Vložit
- čas přidán 26. 09. 2023
- The long-awaited internal review of consulting firm PwC was released today, and its findings are scathing.
The report describes a culture where 'revenue is king', poor governance went uncorrected for years and in one of the more noisome details, found successful partners who generated revenue were known as 'untouchables'.
Nadia Daly and Emily Jane Smith report.
Subscribe: ab.co/3yqPOZ5
ABC News In-depth takes you deeper on the big stories, with long-form journalism from Four Corners, Foreign Correspondent, Australian Story, Planet America and more, and explainers from ABC News Video Lab.
Watch more ABC News content ad-free on ABC iview: ab.co/2OB7Mk1
For more from ABC News, click here: ab.co/2kxYCZY
Get breaking news and livestreams from our ABC News channel: / newsonabc
Like ABC News on Facebook: / abcnews.au
Follow ABC News on Instagram: / abcnews_au
Follow ABC News on Twitter: / abcnews
Note: In most cases, our captions are auto-generated.
#ABCNewsIndepth #ABCNewsAustralia
The"failure of leadership" did not come from the leaders of the Fab Four. Those leaders still have their jobs. They sacked their lower ranking employees. At the top, nothing has changed.
I think these people are serious traitors and should be hunted down and punished to the full extent of the law.
Central government and the states should simultaneously task their law enfocement, ministries and intelligence gencies with simultaneously investigating all related parties in this case and hand over all material to a special-royal-commission/extraordinary-tribunal with the findings tabled in parliament and the offenders apprehnded and serving.
They should also deregister PwC as a business in Australia, they've got the power to do it, it'll affect jobs, sure, but it'll show the other companies what happens if you cheat the Australian people and force other companies to create processes that stop this sort of behaviour in its tracks. No more "oops we weren't aware" excuses, we treat other crimes similarly so why not this one?
I blame greed. I expect this organisation to continue failing. It is incredible naive to think it could be otherwise. Such companies are designed for one purpose. Generating profit. Ipso facto they reward only the acquisition of money irrespective of means. It is inevitable that in such an organisation, filth only rises to the top. It should be illegal for such companies to come anywhere near public organisations.
GREED GREED GREED ...Just plain and simple
Politicians deserve some of the blame - for decades they've been handing decision making off to outsiders, just like they've "outsourced" construction of infrastructure. Easier for them to hand a short document to some external adviser to provide the answer you are seeking - then tell the world that you are acting "on the best advice".
With absolutely no regard for the taxpayer.
How has there been no jail time… also…
PWC need to pay government for the billions lost in tax revenue
Auntie would have us believe the damage, the lost tax revenue was caused by a "few bad men" in one company. We all know its systemic in these circles; the banks, the brokers, the companies that sought this information and other consultant groups that do the same, even real estate agencies. How can we get rid of these leeches, Auntie? At least a leech doesn't say sorry while continuing to suck blood from its host.
And even to KPMG
Royal commission (federal investigation) please.
🇦🇺Lest we Forget🇦🇺
Royal commission needed
Peter Konidaris works there. Look him up.
Corporate crocodile tears.
Retrieve the license for PWC
Yet the day before this they had a PWC partner on the drum for opinion or damage control. One or the other.
Abolish income tax
The old us criminals are really the victims defence , never gets old ,can we get another billion cash please ,
1. No mentioned of AFR who broke the news - nice one - you know the one who just won "Kennedy Awards for Excellence in Journalism" for the PwC story.
2. To the featured SC who hell bent on ideology and misinformation. PwC in this context, was engaged as a "PUBLIC CONSULTATION IN LAW MAKING" pertaining to the implementation of the draft MAAL law. It is a COMMON PRACTICE. In fact, Law Society in Australia frowns upon lack of public consultation in law making. Lack thereof is actually showing a poor form of a democracy.
3. Addendum of point 2, stop confusing and misleading the public specifically the difference between "public consultation in law making" vs "consulting as a service for the public sector". It is entirely two different domains.
@Erasmus1466
1. Unless you live in 3rd world country, accreditation and attribution are very important in upholding intellectual property. In fact, an effective Media Industry relies on it.
2. Are you saying you don't care of a proper functioning of a democracy'?
3. Which part of point 3 implying it is making a policy statement of hiring or non hiring or barring or non barring of consultants in the public sector?
4. Ask Deborah's office whether she is hiring a consultant from the private sector, now?
5. Have you forgotten Robo Debt inquiry and the service level of public sector. They are just equally the SAME bunch as the private sector.
Interesting points 👍. Completely agree.
Food for thought. A consultant (the worker) at big 4 earns a lot less than a public sector worker, even less once you dilute their hourly rate by effective hours (lots of overtime). More pay isn’t going to fix anything.
@@MomijiTMO The issue here is not about consultant be from the public or from the private sector. That balance or lack thereof of consultant from public or private sector is a political one and is up to "executive branch" to make that call. In fact, Deborah's government can make that call now and for that privilege be held accountable by the voters, i.e. us
The issue here WHICH IS FAR MORE IMPORTANT that is one of GOVERNANCE, both within the PRIVATE AND PUBLIC sectors:
(a) That is the Corporate governance within private sector had failed.
(b) That is the Public governance i.e. the "enforcement branch" of the government had failed.
(c) And there are signs of "regulatory capture" both within:
(c1) PwC Risk Management Committee vs their Executive Team internally, and,
(c2) our Public Enforcement entities vs conflict of interest
As such the logic of that featured SC is a non sequitur such that:
(a) where was AFP?,
(b) what was ATO's confidential deal with PwC?
(c) how come TPB issued such a light punishment to Peter Collins and only started to investigate PwC now, 5 years later!
Last time I checked AFP, ATO and TPB are resourced by public servants. As such, one can conclude that Deborah's and the featured SC's arguments DO NOT STACKED UP!
In fact, both are actually clouded the governance issue and not taking it seriously. For shame to them.
And for shame to Jane Hume from the Opposition for not holding Deborah's action accountable for lack of seriousness in ensuring proper governance framework to exist in the future as it bounds to repeat itself if current present course continue.
Utter greed and a God complex caused it. Nothing else