The head of the corporate watchdog says PwC is “clearly only just starting” to hold to account those responsible for the tax leaks scandal engulfing the firm, but doing so constructively would allow it to achieve a “restoration of trust and confidence” with the public.

The Australian Securities and Investments Commission is also reviewing all its contracts with PwC to “satisfy ourselves that the highest standards of confidentiality are being observed”, the regulator’s chairman, Joe Longo, said.