Regulators keep mum about PwC docs
Regulators keep mum about PwC docs despite estimates prodding The parliamentary joint committee on corporations and financial services uploaded a cache of documents obtained from PwC Australia.TOM RAVLIC 7 NOVEMBER, 2024
Key regulatory agencies would not comment in detail on the specifics of new documents received by a parliamentary committee from PwC Australia during Senate estimates hearings this week because of ongoing investigations.
The parliamentary joint committee on corporations and financial services uploaded a cache of documents obtained from PwC Australia related to the global network’s vice-like grip over the domestic partnership as a part of supervised remediation.
That remediation process followed a series of revelations from the Tax Practitioners Board about the failure of PwC Australia and a former partner, Peter Collins, to properly handle information that was subject to confidentiality arrangements with Treasury and the Board of Taxation.
The global network imposed strict conditions on PwC Australia’s ability to comment on issues related to the tax matter without global approval.
A further condition from the global network supremos was a prohibition on the local firm from participating with regulatory or legal authorities without sign-off from the global corporate counsel Diana Weiss.
The latter condition was a particular focus during Senate estimates hearings with Senator Deborah O’Neill asked TPB chair Peter de Cure on Wednesday night whether he knew about the documents and whether the global firm’s attitude impacted the TPB’s work.
De Cure said he was aware of the conditions in the letter and understood why the firm might want to operate the way it did but declined to comment any further on the issue.
“Senator, I understand this to be a matter that relates to the contractual obligations between PwC Global and its representative firm,” de Cure said.
“I understand under the circumstances why they might want to conduct their relationship that was from the perspective of PwC International.
“Other than that, I think it would be inappropriate for me to express an opinion in the current circumstances.”
O’Neill asked de Cure whether he felt that the global network’s approach would intimidate people from cooperating with the TPB.
De Cure again said he would prefer not to comment in order to preserve procedural fairness for the five matters that were still ongoing.
The Australian Federal Police was also hit with similar questions from Senator Helen Polley earlier in the week, and representatives from the AFP had little comment aside from stating that the investigations into PwC Australia’s confidentiality breach are continuing.
Officials from the AFP confirmed that PwC had been visited by investigators and visits had also taken place to two premises in Victoria.
Acting commissioner Ian McCartney told Senate estimates the investigation had progressed.
“[The] AFP has made significant advancements, despite this being a complex investigation, made more complicated by the historic nature of the alleged offending, the existence of derivative use immunity connected to other investigations, and legal privilege,” McCartney said.
“In August, the AFP executed two search warrants at residences in Sandringham and Sorrento, Victoria.
“Additionally, the AFP began yesterday executing further search warrants on PwC Australia.”
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