PwC Financial News

Allegro Fund’s carve-up of PwC’s local operations appears to be crossing the Rubicon with the breakaway group, known as Scyne Advisory, signing up more than the 100 partners flagged as a minimum to get it off the ground.

Asian buyout firm Navis Capital Partners is ready to fly the coop at Mainland Poultry.

Accounting bodies have softly lashed the corporate watchdog for axing its annual report card on big four accounting firms’ audit quality, cutting the program size, and ditching its chief accountant.

The starting pay for most auditing staff in parts of EY’s financial services division will not increase this year, at the same time the firm has told clients that “significant wage inflation” had forced it to increase its audit fees.

AI adoption and industrial products and the manufacturing sector seeing maximum adoption rates following the Covid-19 pandemic, a report said. According to a PwC report titled 'Towards a smarter tomorrow: Impact of AI in the post-COVID era' the industrial products and manufacturing sector has seen the maximum adoption of AI/ML (Artificial Intelligence/ Machine Learning) over the last two years.

EV charging equipment company, Blink Charging (NASDAQ:BLNK) announced the installation of eight new EV charging stations at the Columbia Center Tower in Seattle, Washington, the tallest office tower in the state.

PwC partners who have recently left for rival consultancies say they are being hit with unreasonable restrictions that prevent them from providing services to new clients and withhold part of their pay to make sure they comply.

The new local country head of a major New York-headquartered professional services firm best known for restructuring bankrupt investment bank Lehman Brothers says the timing is “perfect” for it to bring its business to Australia and compete with its larger rivals.

Welcome to the weekend. To start off your day, we’ve curated 10 great reads to enjoy.

PwC Australia faces the prospect of a bruising defamation battle with partner Richard Gregg after a court ruled the consulting giant failed to follow proper process in an attempt to fire him.

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By Lewis Jackson

PwC Australia failed to follow proper process in an attempt to fire partner Richard Gregg, a court ruled, and will be forced into a hefty payout for trying to rush him out the door.

PwC Australia spin-off Scyne Advisory has replaced the embattled big four firm as a pre-vetted supplier of cloud computing services for the Commonwealth, and its consultants have won new work from a federal and Victorian departments.

Embattled professional services giant PwC has lost two lawyer partners in the past week and others are expected to follow suit once they have worked out notice periods of six months.

Vaibhav Taneja, American electric vehicle maker Tesla's new chief financial officer, is the latest India-born executive to take up a key leadership role at a marquee global corporation. On Monday, Tesla named Taneja, an alumnus of Delhi University, after Zachery Kirkhorn, who was famously described as 'Master of Coin' by founder Elon Musk, stepped down following a 13-year stint at the company. The 45-year-old's appointment comes at a time when Tesla is reviving its plans to enter India, where Musk in June said the company was looking to invest «as soon as humanly possible». Taneja joined Tesla in 2017 as an assistant corporate controller, and was promoted to its corporate controller and, in March 2019, to chief accounting officer. He will continue to be the company's chief accounting officer, along with holding the new role of the CFO.

PwC Australia gave former partner Peter Collins a one-off “termination payment” and initially approved ongoing retirement payments for him late last year, despite the Tax Practitioners Board finding he had shared secret government information.

Luke Sayers “does not recall” the Australian Tax Office ever asking him to review internal emails relating to the firm’s troubled tax division and said he was acting to “address the ATO’s concerns” during his time as chief executive of PwC Australia.

The Department of Finance has hired a consultant to consult on how best to deal with other consultants.

Australia’s biggest consultancy firms were awarded contracts worth $3.7 billion from the Australian Defence Force during the past decade, a report shows.

Paytm announced that Sharma entered into an agreement to purchase a 10.30% stake in the company from Antfin (Netherlands) Holding BV. Antfin will transfer 6.53 crore shares of Paytm to Resilient Asset Management B.V., an entity in which Sharma owns the complete 100% stake.