Inside the undoing of PwC
To the 900 partners tuning in to the webcast, from meeting rooms, client sites and offices around the country, Tom Seymour did not appear panicked about the controversy engulfing the firm.
Two days earlier, a bombshell report in The Australian Financial Review revealed the firm’s former head of international tax, Peter Collins, had shared with fellow partners confidential details about federal tax changes designed to combat multinational tax avoidance.
It was an explosive follow-up to a story first broken by award-winning senior writer Neil Chenoweth in January 2023.
This is the inside story of how PwC transformed from dull accountant into a sales-driven firm that would tear itself apart. Told in full, from the beginning, by one of the reporters who broke the story.
Part One: The Luke and Tom Show
On that call on May 5, 2023, Seymour’s manner suggested he felt he still had the support of the majority of the partnership, writes professional services editor Edmund Tadros , who spoke with more than 40 insiders for this series.
But attendees knew it was game over. “We thought Tom was going to go,†says one attendee. “We couldn’t believe it, he was quite cocky … when he said he was on the emails, that’s when I knew we were f---ed.â€
Part Two: The emails that almost destroyed PwC Australia
Mark Konza was getting increasingly angry. It was August 29, 2016 and the Tax Office’s then head of international was at PwC’s Sydney office. Three PwC partners had spent the last hour explaining a new tax structure the firm had developed for ride-share giant Uber.
The meeting would prove the final trigger for an all-out war between PwC and the Tax Office.
Part Three: The Tax Office goes to war
It was 2018 and an unprecedented crisis. An angry ATO fired the first shot in what would prove a lengthy, hot war with PwC, and found its mark.
领英推è
The head of PwC Australia was being forced to visit the firm's biggest clients and admit they got it wrong. It got worse.
Part Four: The inside story of Seymour’s ascent
It was 2020 and candidates were vying for the $4 million top job at Australia’s biggest professional firm. PwC's governance board had their sights on a two-man shortlist: Tom Seymour or Sean Gregory.
What followed was politics, complete with unofficial campaign managers and developed manifestos.
Part Five: 'Nerds gone wild'
It was November 2022, and most of PwC’s 950 partners had gathered in Hobart for a lavish three-day conference.
The event was the first get-together since COVID-19, and was in Hobart partly to help out the domestic tourism industry. It’s now described by many who attended as the last hurrah.
Find part six at AFR.com, Saturday August 10.
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Bree Zampogna
Director @ Charter Diligence | Recruiter | CPA | PRINCE2
7 个月We stood by PwC during their toughest times, only to be bypassed as they directly onboarded our candidate. Both PwC and our candidate left us in the dark, and we only discovered the situation through a LinkedIn job update. Despite our repeated attempts to reach out to PwC Australia for clarification, our calls consistently went into voicemail. Eventually, the People and Culture team agreed to settle the matter, but it came at the cost of terminating our engagement. If you’re at PwC and looking for a new opportunity or a better culture, please get in touch with us. We work with amazing 2nd tier and mid-tier firms across Australia to support your career advancement. Our consultants are more than capable of finding you an employer who demonstrate respect, professionalism, and uphold their values to the highest standard!
Views are my own/ An experienced professional in banking and financial control, with a passion for understanding organisational behaviour and leadership/ Curious about business and geopolitics
7 个月I understand the importance of revenue generation and growth in our profession, but it should not come at the expense of good governance, professional ethics, integrity, and reputation. The recent scandal has harmed the accounting profession. As chartered accountants, we take pride in our ability to self-govern, but this incident has further eroded public confidence.
Student at adebode
7 个月Yeah good morning how are you how is work please I need employee I need to be apply
Australia’s First PMO Influencer of the Year | LinkedIn AU Top 100 | Adaptive Governance Expert | Partner @ The PMO Leader | Host of Agile Ideas | Founder & CEO - AMO | Driving Business Transformation | Payments | SAP
7 个月Perhaps one positive in this story is the door it’s opened for smaller consultancies who for a long time have continued to be discounted in favor in the bigger firms. Sometimes for specialist non tax work that the boutiques are experts in.