The US Public Company Accounting Oversight Board (PCAOB) has fined PwC Australia $600 thousand for failing to disclose an investigation by Australia's Tax Practitioners Board for over a year, as reported by the Australian Financial Review.
The PCAOB found that the firm's "siloed nature" and lack of transparency in leadership caused the delayed reporting. This fine poses additional risks to PwC's global operations amidst the fallout from a tax leaks scandal involving a former partner sharing confidential government information. "Failure to disclose required information is not acceptable, and the PCAOB will hold firms accountable," said PCAOB Chair Erica Williams.
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