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does it feel like you keep seeing the
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PWC in the headlines over the last few
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years well that's because the big four
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giant has been involved in a number of
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scandals across several continents and
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now it is battling to prevent more from
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popping up as its reputation is in
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repair modes PWC operates as a global
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network This means it has independent
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member firms operating under one brand
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which it has across 130 countries Now
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two years ago its Australian brand was
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at the heart of a huge scandal This was
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a result of revelations as the
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government tax plans who were a client
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at the time were being used by the firm
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to win work from companies looking to
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restructure their Australian tax affairs
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The scandal resulted in financial loss
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and brand damage for the arm and it had
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to sell government consultancy business
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for just one Australian dollar PWC
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Global's bosses had to step in to
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replace local leaders While this scandal
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started to fall out of the headlines the
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next one appeared this time in China
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Last September China issued a shocking
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decision to ban PWC's Chinese auditing
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business as well as finding the firm $62
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million The reason well the arm was
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accused of allegedly helping to
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corporate fraud at property developer
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Everrand The Chinese property developer
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had collapsed a year prior with over
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$300 billion in debt The firm is also
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being sued in Hong Kong by the
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liquidators of this developer Following
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the ban the firm said it has been
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reshaping its business which has
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resulted in 66 people leaving including
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partners While just last month a scandal
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spread into the Middle East after Saudi
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Arabia's public investment fund revealed
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a temporary banned PWC It was banned
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from new advisory and consultancy
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contracts until February 2026 The
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details of why the firm were banned were
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not disclosed However the FT reported
1:50
that his attempt to hire Neon's chief
1:52
internal audit officer upset the public
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investment fund Now the global firm has
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been trying to protect his brand from
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further scandals It has been recently
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revealed that PWC has closed ties with
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several firms in Africa deemed to be
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risky This including closing his ties
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with Ivory Coast Cameroon Madagascar and
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Sagal after previously closing ties with
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Zimbabwe Malawi and Fiji DFT reported
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that the global arm was dropping smaller
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member firms that could expose it to
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reputational risk or did not have the
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skill to make required investments in
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compliance and systems For more on the
2:27
big four head to cm.com
