The review by Dr Ziggy Switkowski’s found corporate failures and weak leadership at PwC. Over time, this failure of leadership contributed to an erosion of good governance and culture, undermining the focus on the firm’s professional and ethical standards.

The investigation into PwC’s tax practice followed the decision of the Australian Tax Practitioners Board (TPB) that PwC Australia had failed to have in place adequate arrangements to manage conflicts of interest in relation to its tax practice. As a result, the boss of PwC Australia quit and partners were barred from practicing.

Switkowski criticised the excessive power of the CEO, whose decisions went unchallenged by board members and senior leadership while an aggressive growth agenda and disproportionate focus on revenue growth overshadowed the firm’s values and purpose.