PwC responds to final report by consulting inquiry
The big four firm says it has undergone significant change and upheaval in the past 18 months in response to concerns raised in the committee’s final report.
PwC has issued a statement responding to the final report for the inquiry into the audit, assurance and consulting industry, defending the progress made by the firm in transforming its culture.
The firm said it has undergone significant change and upheaval over the past 18 months and has confronted and apologised for past failings.
“Actions we have taken to date include new leadership, a new strategy and firm structure, a new governance board including an independent chair and two independent directors, significantly enhanced risk and governance, new accountability measures and a balanced scorecard for our partners and people,” it stated.
PwC said it has already made significant progress towards its Commitments to Change program.
“To demonstrate the significant progress we have made, we have committed to shortly publishing our Independent Monitor’s report into our Commitments to Change Action Plan.”
The firm also noted its participation in three parliamentary processes, and its continued cooperation with regulators.
“We respect parliamentary processes and we understand the important role they play in the development of industry reforms.
“We remain committed to an open dialogue with the government as it seeks to improve the industry.”
PwC said it would consider recommendations made by the committee in the final report and welcomed discussion on further ways the industry could be strengthened.
The firm has, however, rejected the committee’s characterisation of the relationship between PwC Australia and the PwC Network within the report and throughout the inquiry.
“The PwC Network continues to support PwC Australia’s transformation and efforts to shape a future where our firm’s trust is rebuilt,” it said.
“The actions of the past do not reflect the firm we are today. We have more than 6,000 committed, hard-working people and partners who come to work to deliver the best outcomes for our clients, communities, and each other. We will continue to invest in our people, and provide them with rewarding and purposeful careers.
“While there is more work to do, we are so proud of our people, and what we have achieved to date.”
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