Get ready for war as they fight back against suggestions they are too big, incapable of governing themselves and have compromised auditing roles.
But it also highlights that the government’s overriding concern is about three services critical to the wider economy: auditing, taxation and insolvency.
The areas are already highly regulated, but the responsibility is often split between some combination of federal and state bodies and professional bodies. This is why 11 of the 16 issues raised in the paper are framed in terms of how they would affect auditor independence and audit quality. The paper raises potential areas for reform that go to the heart of how the firms have become so successful: their multidisciplinary partnership structure.
The paper, which dropped just before dinner time on Friday, is too fresh for the firms to have had a comprehensive look. But they have already, privately, questioned why partnership size limits would have to change.the PwC tax leaksPrepare for a war over this, and other issues close to the partners’ hearts, that will play out in dense and complicated submissions warning about all the dangers of change and unintended consequences.
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