In the wake of PwC Australia's high-profile tax leak scandal, an Australian Senate report published last month called for increased oversight of the consulting industry and greater transparency in government contracts.
The report, resulting from a year-long investigation, highlights the need to regulate large consulting firms like PwC, Deloitte, KPMG, and EY, which currently operate in a regulatory grey area. Key recommendations include having the Australian Law Reform Commission review regulation for firms structured as large partnerships, establishing a code of conduct for consultants similar to that for public servants, creating a central register for conflict of interest breaches, and increasing parliamentary scrutiny of contracts.
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