PwC Australia earned the trust of governments, regulators, clients and the wider community over many decades. However, the firm is now in the unenviable position of navigating the brutal unravelling of that trust. It is also facing into the challenge of re-establishing trust internally, including among partners.

In May 2023, PwC Australia commissioned the Independent Review of Governance, Culture and Accountability at PwC Australia. The Review was conducted by Dr Ziggy Switkowski AO. PwC Australia has accepted and will implement the Independent Review’s recommendations, as detailed in the Management Response and Action Plan.

ASX Corporate Governance Principles and Recommendations provide a strong corporate governance framework and to the extent feasible, they will be applied to PwC Australia.

Consistent with the terms of reference, the Review assessed strengths and shortcomings in governance, culture and accountability existng at the commencement of the Review. It developed observations and findings and has formulated recommendations for how PwC Australia may address the current gaps and shortcomings. These are detailed in this report.