A review into PwC by former Telstra boss Ziggy Switkowski found multiple shortcomings in the company arising from poor practices that went unreported for years.
Accounting firms that breach industry standards could face a five-fold increase in maximum fines, under a suite of reforms floated by leading industry body Chartered Accountants Australia and New Zealand (CA ANZ).
The Tax Practitioners Board has been in the spotlight because of the role it played in disciplining Peter Collins, a former PwC partner, and his old firm for a breach of a confidentiality agreement.
When PwC consultants decided to share confidential government tax policy with other clients, they shredded their promises, mocked their values and landed PwC in the crosshairs of the federal police.