PwC Australia on Friday said the spin-off of its government consulting business and other costs from a tax scandal will leave a double-digit revenue hole and require partners take an income haircut. The 'big four' accounting firm reported revenue of A$3.4 billion ($2.21 billion) for the year ended June, up 11% on the previous year. PwC Australia agreed in June to sell its lucrative government practice to private equity firm Allegro Funds for A$1 as public sector departments froze ties with the tainted brand and cabinet ministers lined up to condemn its use of confidential tax documents to solicit business.
FILE PHOTO: PwC sign is seen in the lobby of their offices in BarangarooSYDNEY - PwC Australia on Friday said the spin-off of its government consulting business and other costs from a tax scandal will leave a double-digit revenue hole and require partners take an income haircut.
More than 1,500 of the firm's around 9,000 staff will move to the business, renamed Scyne Advisory, when the deal completes at month-end. "We didn't get it right, but our focus has, and always will be, on our clients, as we take the necessary steps to re-earn trust with our stakeholders."
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
India's economy grows at fastest pace in a year in June quarterMarket News
Read more »
Gio Reyna fractured leg in June match against Canada, US Soccer Federation saysAmerican midfielder Gio Reyna sustained a hairline fracture in a bone in his right leg during the CONCACAF Nations League semifinal against Canada on June 18, the U.S. Soccer Federation said Thursday.
Read more »
India's economy grows at fastest pace in a year in June quarter, monsoon risk seenMarket News
Read more »
Cape Breton Polish church to host sunrise ceremony FridaySYDNEY, N.S. — St. Mary’s Polish Church in Whitney Pier will host a sunrise commemoration on Friday on the solemn occasion of the 84th anniversary of the ...
Read more »
Bank of Canada’s next rate move depends on Friday economic dataClearer signs of a cooling economy in the second quarter and a weaker July forecast will likely be enough to convince the Bank of Canada to hold rates steady at its meeting next week.
Read more »
New York Yankees calling up top prospects Jasson Domínguez and Austin Wells on FridayThe New York Yankees plan to call up prospects Jasson Domínguez and Austin Wells on Friday when active major league rosters expand from 26 to 28, moves made as center fielder Harrison Bader was claimed off waivers by Cincinnati.
Read more »