In a recent submission to the Australian Parliament's joint inquiry into the audit and consulting sector, Margaret Beattie, PwC Australia's former General Counsel, called for the creation of an independent watchdog to oversee the Big Four accounting firms.
Beatie pointed to "cultural and behavioural problems" that contributed to the PwC Australia tax leaks scandal. Beattie argued that "self-regulation of the big four was inadequate" and that stronger oversight is needed to ensure "the profit motive does not override adherence to government policy and community expectations." To fill these gaps, she proposed a central oversight body to coordinate investigations and annual reviews of firms' conflict-of-interest protocols.
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