Financial regulator introduces new ‘PwC rules’ to force companies to confess guilt

Finance


Government response

In response, Treasurer Katie Gallagher said she was trying to address gaps in existing procurement rules to deter recurrence of violations, while Treasurer Jim Chalmers said at the agency that exposed the wrongdoing. He vowed to strengthen the powers of a tax commission. and other as yet unspecified actions.

Finance Minister Katie Gallagher has promised to strengthen procurement rules. Rhett Wyman

Assistant Treasury Secretary Stephen Jones said the Treasury Department was investigating and considering referring the matter to the Australian Federal Police.

The tightened rules were announced after reports that civil servants were unofficially ‘late’ when awarding new jobs and contract extensions to PwC winners in Canberra. So do politicians, pundits and lobby groups calling for the company to be banned from government work for a period of time.

PwC has won $537 million worth of contracts across the federal government over the past two years.

The left-wing Australian Institute said the changes were “too restrictive” and the government should take the next step and ban the company from acquiring work from the Commonwealth of Nations for a period of time.

Bill Brown, director of the Institute’s Democracy and Accountability Program, said: “The Treasury Department’s new rule that contractors must alert the government of any adverse findings to their firm is clearly a PwC “We are reacting to the scandalous misuse of classified government information by.”

“However, the opportunity to terminate a contract for misconduct under this ‘PwC Rule’ is too limited in response to gross breach of trust.

“Instead of giving us the opportunity to ‘rectify’ future wrongdoings, PwC should be banned from receiving government contracts and confidential information, and the quality and integrity of our existing work for governments should be reviewed. .

“When the government uses consulting firms, new, stricter rules should be put in place, along with plans to revitalize public services and bring core government work in-house.”

Ban PwC for a period of time: Senator

Former senior bureaucrat Andrew Pozier also backed PwC’s federally won job ban, saying the new rule would help public officials make informed decisions about purchasing services.

“That means it before [government] Companies that enter into any contract will have information about their past conduct that will help them meet the requirements already set out in the Procurement Regulation,” he said. “At this stage, we have no direction for PwC. [The Commonwealth] Consider how long PwC will not enter into contracts. “

Learn more about the PwC tax leak scandal below.



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