Statement from PwC Australia regarding our ongoing transformation

Thursday, 7 November 2024

During the past 18 months, PwC Australia has undergone significant change and upheaval. While a challenging time for our firm, we have confronted and apologised for past failings and commenced our comprehensive transformation journey and Commitments to Change program. We have made significant progress on that transformation and those Commitments. 

Actions we have taken to date include new leadership, a new strategy and firm structure, a new Governance Board (including an Independent Chair and two Independent Directors), significantly enhanced risk and governance, new accountability measures, and a balanced scorecard for our partners and people. You can read more about this ambitious and meaningful change in our Transparency Report. To demonstrate the significant progress we have made, we have committed to shortly publishing our Independent Monitor’s report into our Commitments to Change Action Plan. 

Concurrently, we have participated in three parliamentary processes, and continue to cooperate with regulators. 

We respect parliamentary processes and we understand the important role they play in the development of industry reforms. We remain committed to an open dialogue with the Government as it seeks to improve the industry.  

Regarding the Parliamentary Joint Committee’s final report into Ethics and Professional Accountability in the Audit, Assurance and Consultancy Industry release today, we will consider the report’s recommendations and welcome discussion on further ways to strengthen our industry. 

We respectfully disagree with the Committee’s characterisation of the relationship between PwC Australia and the PwC Network through this period. The PwC Network continues to support PwC Australia’s transformation and efforts to shape a future where our firm’s trust is rebuilt. 

The actions of the past do not reflect the firm we are today. We have more than 6,000 committed, hard-working people and partners who come to work to deliver the best outcomes for our clients, communities, and each other. We will continue to invest in our people, and provide them with rewarding and purposeful careers. 

While there is more work to do, we are so proud of our people, and what we have achieved to date. 

We remain focused on our continued transformation and being the best firm we can be.