PwC wins $700m from big banks since 2017, five times its nearest rival

afr.com:

PwC has secured close to $700 million in work from the major banks over the last five years, almost five times the firm’s nearest competitor.

PwC has lifted its take of audit and non-audit work from the five largest banks from $98.4 million in the 2017 financial year to $136.6 million in 2022, mainly through big auditing contracts with the Commonwealth Bank, Westpac and Macquarie, a review of publicly available documents shows.

But, after the damaging tax leaks scandal where ex-PWC partners shared confidential government information to advise clients on how to sidestep new tax laws, the firm’s share of work in the sector could be under threat.

EY and KPMG have long played second-fiddle to PwC in the banking sector, winning just $146 million and $124 million in work respectively since the 2017 financial year. Deloitte, meanwhile, has not secured any auditing work with a big bank over period that The Australian Financial Review analysed.

While Westpac and CBA declined to comment on whether they would keep engaging with PwC, Macquarie chairman Glenn Stevens – a former Reserve Bank governor – told the financial services giant’s investors it would review “culture and [any] reputational matters” as it assesses future audit partners.

If PwC were to lose its Macquarie Group contract, it would virtually halve their revenue from big bank work. Luis Ascui

If PwC were to lose that contract, it would virtually halve their revenue from big bank work. Macquarie, which reports to a March 30 end of financial year, paid PwC $79 million for audit and non-audit services in the 2023 period.

Since the tax scandal was first disclosed, the Reserve Bank, AustralianSuper and the Australian Retirement Trust have said they would reconsider using