PwC Australia says lack of board oversight leads to tax scandal

Winds of change: Tourists in Sydney, with the famed Opera House and Harbour Bridge as the backdrop. Following the fallout, changes will be rife in the organisation headquartered in the New South Wales capital, the epicentre of the PwC scandal. — AFP

SYDNEY: PricewaterhouseCoopers (PwC) Australia says its risk controls were inadequate and its board didn’t challenge the firm’s leadership enough, following a months-long independent inquiry into malpractice.

The embattled Australian arm of the accounting and advisory services provider laid out changes it will make after the review, led by former business executive Ziggy Switkowski, into the leaking of tax documents that have hurt revenue and its reputation.