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Finance Investment, Taxation

PwC compliance breach update

Tax Practitioners Board 2 mins read

PricewaterhouseCoopers (PwC) has released its second Compliance Report in response to orders issued by the Tax Practitioners Board (TPB) in November 2022.

To comply with the TPB’s order, PwC must take specific actions to improve its conflict of interest management and report to the TPB every 6 months. The latest report documents PwC's progress on implementing improvements to ensure compliance with the Tax Agent Services Act 2009 and Code of Professional Conduct. The report also confirmed mandatory training in tax and regulatory requirements was completed by 1,210 staff (as at 3 November 2023) and that their training and education program will continue to be updated to improve the management of conflicts of interest.

TPB Chair, Peter de Cure AM, acknowledged PwC’s progress and reiterated the importance of professional standards across the tax practitioner community. He also noted, ‘PwC issued a report on 27 September last year, following a review by Dr Ziggy Switkowski. The report raised issues about the firm’s governance, culture, risk management and accountability. PwC also issued a Management Response and Action Program to address and improve professional, ethical and leadership standards that were highlighted in the report’.

Mr de Cure commented, ‘We strongly encourage all registered tax practitioners to review and, where necessary, improve their processes of governance, risk management, supervision, culture, training and quality assurance. We welcome tax practitioner improvements that build confidence in the system and encourage early engagement and transparency with us if a compliance issue is identified. These continuous improvements will ensure public protection, trust and high professional standards.’

Mr de Cure went on to say, ‘Tax practitioners who engage with the TPB, demonstrating transparency and cooperation, are best placed to address ethical, legal or compliance issues and risks that may arise.’

The TPB continues to monitor this matter to ensure that any professional standard breaches are dealt with appropriately.

About the Tax Practitioners Board

The TPB regulates tax practitioners in order to protect consumers. The TPB aims to assure the community that tax practitioners meet appropriate standards of professional and ethical conduct. Follow us on Twitter, LinkedIn and Facebook.

Monday, 05 February 2024

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