Corporate scandals involving big accounting firms seem to be a recurring theme.
The latest example is PwC, one of the world’s largest financial services firms. PwC has been accused of using information received during its work with the Australian government to win business by advising corporate clients on new anti-tax-avoidance rules.
The scandal has led to the resignation of PwC Australia’s chief executive and the suspension of nine partners. To me this is just a slap on the wrists, those crooks should be jailed for life.
The Australian Tax Office has also accused PwC of being behind a series of schemes designed to help multinationals sidestep tax laws. These schemes would have threatened about A$180 million in annual tax revenue.
This is a major embarrassment for PwC, which has placed the concept of “trust” at the heart of its image since a 2021 rebrand. It is also a reminder of the need for greater transparency and accountability in the accounting and auditing industry.
The same can be said of consulting firms. Crooks like those at the helm of McKinsey some to mind. Some have been to jail.
Oh yeah, don’t get me started on McKinsey!
Serious questions should be raised about the role of big accounting and consulting firms in the global economy.
Even more serious questions should be raised about headhunters who continue to work for PwC to recruit candidates to join the organization.
Moral turpitude knows no limits.