PwC tax leak ‘disappointing’, ‘unacceptable’: ASIC chairman
Developing news from around the sector.
The top corporate cop has called PwC’s tax leak scandal “extremely disappointing and unacceptable”, but said the vast majority of big four advisers were “good people trying to do the right thing”.
ASIC chair Joe Longo testified during a hearing of the Parliamentary Joint Committee on Corporations and Financial Services. Alex Ellinghausen
In his first public comments since it was revealed that between 20 and 30 PwC partners and staff were involved in sharing confidential government tax policy obtained, Australian Securities and Investments Commissionchairman Joe Longo said there was a community expectation that accountants and lawyers behaved ethically.
“We all rely on professional people in our day-to-day lives in one way or another,” Mr Longo told a parliamentary hearing on Thursday.
“So that behaviour is obviously extremely disappointing and unacceptable … The only other thing I would say is that the vast majority of the people who work at institutions like PwC or EY or a law firm are good people trying to do the right thing. And occasionally, we have incidents like this, that I’d like to think are aberrations.”
In response to questions from committee chairwoman Deborah O’Neill, the ASIC chairman said he was in regular contact with executives from the big four consulting firms, but that taxation matters were the responsibility of the Tax Practitioners Board and the Australian Tax Office.
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