Professional services giant PwC Australia has released its first-ever annual report, revealing a 16 per cent drop in profit, and detailing efforts to address the fallout of its 2023 tax scandal.
PwC Australia has reported a sharp decline in annual revenue and staff numbers and a second big fall in partner income after a period of major restructuring.
PwC boss Kevin Burrowes “misled” Senator Deborah O'Neill in not disclosing $1.2 million in payments from the consulting firm's parent company, a joint committee into the PwC tax scandal heard.
Accounting giant PwC has announced hundreds of redundancies and the accelerated retirement of partners, with its national headcount to be cut by about 5 per cent.
The new head of PwC Australia has apologised at a Senate hearing for the firm's role in passing on confidential Treasury information to private sector clients.
The embattled firm will offload its state and federal consulting business to private equity group Allegro while an international PwC executive will take charge in Australia.
