Opinion

PwC scandal makes a case for breaking up the big four

The parliament urgently needs to look at regulation to resolve conflicts of interest between auditors, accountants and consultants.

Allan Fels and James Guthrie

May 28, 2023 – 4.29pm

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The PwC global tax leaks scandal makes it essential for parliament to urgently re-establish the Parliamentary Joint Committee on Corporations and Financial Services inquiry into the regulation of auditing.

Furthermore, the new terms of reference should include a critical overview of the nature and culture of the big seven consulting and accounting organisations in Australia, including the issue of conflict of interests and organisational culture.

Allan Fels is Former chairman of the Australian Competition & Consumer Commission.

James Guthrie is Emeritus Professor at Macquarie Business School.