The government has advertised for a chairman of the Auditing and Assurance Standards Board, a position currently held by former senior PwC partner Bill Edge.
The federal government has advertised for a chairman of the body responsible for developing and issuing auditing standards, a position currently held by former senior PwC partner Bill Edge.Mr Edge said he would reapply for the role at the Auditing and Assurance Standards Board . The chairman’s role has a five-year term and applications to Treasury are due by March 13.
AUASB sets the standards that must be adhered to by corporate auditors, including Mr Edge’s former firm, PwC. Mr Edge was appointed to the chairman’s role in 2021 by former assistant treasurer Michael Sukkar, who worked for PwC in 2005-06. Mr Edge is also a current member and former chairman of the federal financial reporting advisory body, the Financial Reporting Council. The council oversees the effectiveness of the financial reporting system in Australia, which also directly affects PwC’s auditing business.
That inquiry also heard that PwC paid eligible former partners, including Mr Edge, an average of $140,000 a year from the firm’s annual profits – in some cases for life – under the partnership agreement.and half the members of the Tax Practitioners Board. Seven of the board’s eight members were appointed or reappointed by Mr Sukkar, including two former PwC partners, Judy Sullivan and Peter Hogan, and former KPMG tax partner Peter de Cure.Delivered every Wednesday morning, the Professional Life newsletter features the latest news about the big consulting firms – Deloitte, EY, KPMG and PwC.The newsletter now contains a new section, “The pipeline”, featuring developing news from around the sector.