PwC: You Are So Cooked

humilem servum tuum on 16/05/2023 - 21:01
Last edited 16/05/2023 - 21:02

Who woulda thunk that a big 4 accounting firm that enjoys many consultancy jobs with the Australian government wouldn't be taken advantage of said consultancy for their own gains. Who woulda??

What the Senate Inquiry and the Federal Government should do is take a deep and hard look at CAANZ. That organisation is run by the Big 4 and they run the accounting industry with an iron fist, literally. What's the point of doing all those CPD hours on ethics when a Big 4 organisation doesn't? Waste of subscription money.

Good job on the TPB for giving them a big whack. Pity it wasn't big enough but hopefully the Senate Inquiry will shed some light on the murky and shady business of accounting and consultancy. There certainly will be an investigation by the police. Hopefully, some people get thrown into the slammer. Too bad heads don't roll literally.

TLDR: Shame on you, PwC, for stealing intimate government knowledge through your consultancy work to further your own interests. Clearly, conflict on interest doesn't matter to you.

Articles in question:
https://www.theguardian.com/business/2023/may/12/disgraceful…
https://www.tpb.gov.au/tax-practitioner/tax-agent/16226000
https://www.afr.com/companies/professional-services/senator-…
https://www.smh.com.au/business/companies/don-t-circulate-be…
https://www.charteredaccountantsanz.com/news-and-analysis/me…

Financial

Comments

  • coffeeinmyveins on 16/05/2023 - 21:11
    -5

    Ok

  • bemybubble on 16/05/2023 - 21:13
    +5

    Was just talking about this. Undermines the whole profession. Ethics my arse

    • Mokr on 16/05/2023 - 21:21
      +1

      It's a dirty secret everyone knows. Accounting is just the honey trap.

    • Caped Baldy on 16/05/2023 - 21:42
      +2

      They had ethics before?

      • bemybubble on 16/05/2023 - 21:43
        +1

        Big boys. Prob not. Arthur Anderson and Enron are seminal cases still being taught in universities. Then you hear about this sh** and realise nothing changes.

        • SBOB on 16/05/2023 - 22:48
          +1

          You're assuming those are taught as examples of wrong, rather than learning moments

        • jv on 16/05/2023 - 22:55

          Arthur Anderson and Enron are seminal cases still being taught in universities.

          Do they teach the bit at the end where the conviction was overturned a few years later… A bit late though as the company no longer existed…

          https://www.nytimes.com/2005/05/31/business/justices-unanimo…

    • rumblytangara on 17/05/2023 - 00:10

      Undermines? Shirley you jest.

      Is anyone who is passingly familiar with consultancies the least bit surprised?

  • bloom on 16/05/2023 - 21:17
    +1

    But but but we to show growth!

    • jv on 16/05/2023 - 22:51
      +3

      sense no make.

  • MS Paint on 16/05/2023 - 21:18

    Is it unethical to post deals from charities trying to help those most in need?

  • Wiadro on 16/05/2023 - 21:20
    +1

    you discover this now?

  • altomic on 16/05/2023 - 22:11
    +1

    Good job on the TPB

    I just use a VPN

  • jv on 16/05/2023 - 22:50
    +1

    run by the Big 4

    Who would have guessed….😲

    • dogboy on 17/05/2023 - 07:31

      lol

  • Ghost47 on 17/05/2023 - 08:44

    Does this news actually surprise anyone?

  • Tricon on 18/05/2023 - 06:49

    I would not be surprised if this becomes a textbook case of exceptional crisis management. It could become one of the few companies to have wreaked havoc yet rebuild in record time.

  • humilem servum tuum on 13/06/2023 - 01:26
    +1
    Merged from PwC - Like Ubiquitous Mould, It Is Everywhere

    Heaven forbid. Awhile ago I made a forum post about PwC designing tax laws to help us while it was designing tax advice against us. Just read this from the ABC:

    https://www.abc.net.au/news/2023-06-10/pwc-screamgroaning-ta…

    Main point that I got from that article: PwC is everywhere. Like mould. It's in Treasury (the guys whose contract was breached), it's in the AFP (the guys who investigate crimes but didn't do so due to lack of information), some of the biggest, if not the biggest Australian superfunds, the Defence Department, the Finance Department, Services Australia (formerly Centrelink), the Health Department (PwC were advising on setting prices for medical implants and tissues while also working with the suppliers of said devices and tissue), basically any and every department of the Australian Federal Government and The Reserve Bank. Who else are they providing services to and sharing/selling the information to? This is shaping up to be the worst deal for Australia ever since outsourcing became a norm.

    At this very moment, the worst punishment that PwC have received so far, is (drum roll) more training on conflicts of interest by the TPB (which wouldn't be surprising if it has former PwC partners and staff running it as well). Losing future contracts, i.e. an opportunity, is hardly a punishment in any sense or form.

    The American PBS and the Chicago Tribune did wonderful pieces on Enron and Arthur Andersen showing how chummy, chummy relationships are actually very bad. Looks like no one, in any capacity or office, learn that lesson. Yet NZICA requires all members to do two verifiable hours of ethics training every triennium.

    Additionally, I feel for our Victorian cousins because the Victorian Government is signing on PwC to do more work in the current climate. Anyone remember IKB Deutsche Industriebank? Yeah, it didn't go well for them when they went bullish on subprime mortgages while everyone else was scrambling. Caelum adiuva nos.

    Other sources:
    https://www.news.com.au/finance/business/other-industries/de…
    https://www.smh.com.au/business/companies/deeply-disappointe…
    https://www.afr.com/companies/professional-services/pwc-effe…
    https://www.smh.com.au/politics/federal/pwc-accused-of-walki…
    https://www.abc.net.au/news/2023-06-05/pwc-pricewaterhouseco…

    • AustriaBargain on 13/06/2023 - 01:36
      +12

      No one is shocked that corruption runs this deep in Australia. We all know it, every child knows it, I'm pretty sure even my cat knows to toe the line when it comes to corruption.

      • JimmyF on 13/06/2023 - 08:57
        +4

        Australia is pretty good in the corruption space compared to other countries like cough cough USA. Not saying it isn't happening, just saying on the scale of things we're pretty good.

        But PwC is a cancer…. Gov should cut it out.

        • humilem servum tuum on 13/06/2023 - 09:44
          +1

          I concur, PwC should be cut. At least that will help act as a deterrant. Guess Australia's luck ran out a long time ago. Oh well.

    • Hybroid on 13/06/2023 - 01:49
      +11

      This isn't new and it happens everywhere in every country too. Deloitte, EY, KPMG, and PwC didn't get where they are today without having people implanted everywhere (incl within govts) with tentacles and reach every direction. That's literally part of their 'consultant' strategy.

      They offer everything from audit, assurance, taxation, management consulting, valuation, market research, actuarial, corporate finance and legal services for every major private company and government. That's a lot of in-depth information gain and potential power to control the narrative. Globally.

      • star-ggg on 13/06/2023 - 09:31
        +1

        They're all doing the same thing. PwC just got caught out/didn't pay the right people.

      • humilem servum tuum on 13/06/2023 - 09:49
        +1

        So too entrenched to fail rather than too big to fail. No wonder everything is so expensive, we're all the cash cow. I am especially incensed by the exhorbitant prices for medical implants and devices, the stuff that saves and maintains lives. It is insulting that they are at a world class premium.

    • Loot N Plunder on 13/06/2023 - 07:24
      +4

      And their punishment will be a slap in the face with a wet lettuce and told not to get caught next time.

      Now if it was a commoner it would be a different story all together.

      This is the way justice works in Australia.

    • orangetrain on 13/06/2023 - 09:12
      +1

      Imagine if the government department asked a terrorist group to investigate themselves despite at least 30 terrorists involved in an attack. 30+ involved would be stood down with a paid vacation with only one punished by the department.

      Thats what the treasury did with PWC.

      It seems like departments can't do anything. Labor was rushing in anti protest laws earlier. Why aren't they rushing after PWC?

      • dtc on 13/06/2023 - 09:35

        On the other hand, I'm sure you will be the first to complain when the government introduces new rules without having consulted with the people who are affected by those new rules.

        If you think the departments cant/arent doing anything, you dont work in the APS. PWC will not exist in Canberra in 12 months time.

        • orangetrain on 13/06/2023 - 10:01

          There's multi year contracts. Unless the government wants to give free money to PWC, they will still exist in 12 months time in Canberra. They even said there's no clause for this.

        • Phlume on 13/06/2023 - 10:12
          +2

          I'll set a reminder in 12 months time and come back to see if this laughable statement is true.

        • iCandy on 16/06/2023 - 15:38

          PWC will not only still be here in 12 months, but it will be thriving. Your bias is showing.

          • dtc on 26/06/2023 - 10:25

            @iCandy: Your comment aged well.

    • Wiadro on 13/06/2023 - 09:22
      +4

      we all know Australia is a heaven to weak management at all levels.

    • djsweet on 13/06/2023 - 10:15

      Without the big4 where would we be? I mean, they don't do anything "the best", but they do everything. Governments don't run themselves… Laughable that the government is in a place where they almost have to completely outsource all decision making, but here we are.

      Btw, for anyone wondering, Partners are very often brought in based on their influence in a particular Government department or industry. The overall game plan is about forming a partnership of experts in every orifice of public and corporate life.

      • Chandler on 13/06/2023 - 12:30

        Laughable that the government is in a place where they almost have to completely outsource all decision making, but here we are.

        Agreed, although part of the issue here is brain drain - people who are good/smart enough will get picked up by private industry since they can essentially throw money at them.

    • saltypete on 13/06/2023 - 10:41
      +3

      The real scandal here is dropping thousands of Pubic Serpents to then spend multiples of their wages on consultants. The PS is no longer a place where administrators and advisors give the best advice without fear or favour. And this has daily repercussions in project choices and cost management.

      It would be nice to think this will prompt a change in thinking, but somehow I don’t think the contract where PwC advise the ATO on governance will start the winds of change.

      Can we have an extra referendum question this October, vote yes to a voice and a yes for Ministers heads on a pike?

      • Ghost47 on 13/06/2023 - 11:03
        +1

        Pubic Serpents

        Great typo.

        • try2bhelpful on 13/06/2023 - 11:31
          +1

          I thought so too. Although the snakes are, really, in consultancy.

          • djsweet on 13/06/2023 - 11:36
            +2

            @try2bhelpful: To be fair, the vast majority of consultants in big4 are just doing their best. Same with public servants. The poison is at the top and flows down.

            • try2bhelpful on 13/06/2023 - 12:23

              @djsweet: Don’t disagree with you on the poison flowing downwards. Management is treading a fine line on corruption.

          • Ghost47 on 13/06/2023 - 12:19
            +1

            @try2bhelpful: Oh yeah, I don’t think public servants are bad or anything I just found it funny. Agreed about consultants.

            • try2bhelpful on 13/06/2023 - 12:24

              @Ghost47: Yeah, I thought they typo was pretty funny, as well. Although, I suspect, it was autocorrect that created serpent.

        • saltypete on 14/06/2023 - 20:44

          Not a typo… But tongue in cheek.
          I was in the Public Circus most of my working life. Worked hard and was privileged to be able to achieve some good things for the State over the years. Did operate without fear or favour. Sometimes not welcomed, but that’s life. Majority of PS give value for money. Good consultancies can be great value too.
          Doesn’t mean we can’t have fun at their expense though….🤠

          BTW I personally disagree with tenure going from Exec level in favour of contracts.

    • deme on 13/06/2023 - 11:25
      +1

      This is what you get for voting Liberal for so long.
      Australia voted for this

      • try2bhelpful on 13/06/2023 - 11:33
        +3

        Grrr. Don’t get me started on the cancer of outsourcing, biggest con job I’ve seen. Undermine the people who really know what they are doing to bring in people who talk big but don’t have a clue. Then companies/government departments lose all their domain knowledge and can’t go back.

      • tmcn85 on 13/06/2023 - 11:34

        Ugh do you think your team is any different? They are all the same. Governance by principles and standards has long gone by the way and those elected by us do not serve us. It's not red vs blue, it's us vs them.

        • deme on 13/06/2023 - 11:59
          +3

          your team

          It's not red vs blue

          I didn't state any political party. Why do people like you always come out of the woodwork to say Liberals and Labour are the same every time someone says something factual about the Liberals. No one mentioned Labour.

          • tmcn85 on 13/06/2023 - 12:18
            -3

            @deme: Your two dimensional mind can't break away. God bless you.

            • try2bhelpful on 13/06/2023 - 12:27
              +2

              @tmcn85: Nah mate, we just can read beyond what Rupert Murdoch media feeds us.

              However, at the Federal level, the LNP has been in power for twenty of the last twenty six years so the lions share is with the LNP. Not saying Labor is blameless but the LNP is the one with the cut down on the Public Service mantra.

              • tmcn85 on 13/06/2023 - 13:37

                @try2bhelpful: blah blah blah, your drivel is not worth reading. Rupert Murdoch / ABC all the same enemy.

                Like I said before, it's not ABC vs Murdoch, it's us vs them. If you wanna tell yourself that they are working for you then carry on. That is your choice.

                • try2bhelpful on 13/06/2023 - 14:55

                  @tmcn85: It isn’t my fault you used a false equivalency.

                • Crow K on 13/06/2023 - 16:21

                  @tmcn85:

                  Like I said before, it's not ABC vs Murdoch, it's us vs them

                  if it's so simple, define "us" and "them". be precise, give examples.

                • deme on 13/06/2023 - 19:44
                  +1

                  @tmcn85:

                  You did it again!

                  No one mentioned the ABC.

                  You are the only person who did.

Login or Join to leave a comment
Login Join