PricewaterhouseCoopers (PwC) has published a compliance report in response to an order from the Tax Practitioners Board (TPB).
The compliance report, dated July 14 stated that PwC has improved its management of confidentiality agreements, including implementing a central approval and registry process, and board oversight.
PwC released the report in response to the Tax Practitioners Board's (TPB) orders issued on Nov. 25, 2022, which required the firm to improve its compliance and conflict of interest management and then report its improvements to TPB every six months until Dec. 31, 2024.
TPB Chair Peter de Cure AM welcomed the report's publication.
“PwC has agreed to proactive transparency with the TPB. This report shows steps PwC has taken to comply with the TPB's order, including additional training on legal and ethical issues for over 1,300 personnel,” de Cure said. “The TPB welcomes improvements made by PwC and all tax practitioners to enhance professional standards, including integrity, confidentiality, and conflict of interest management.”
TSB said it will continue to make inquiries into the matter to address any professional standards breaches.
Early this month, PwC appointed a new risk and ethics leader and announced management changes to improve its governance and culture.
