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· Posted on
February 21, 2024

Westpac gives PwC the audit-boot after 20 years... and this time "it's not me, it's definitely you"

Westpac has ended their 20-year audit relationship with PwC.

What's the key learning?

  • PwC's partnership with Westpac generated over $70 million for the former in the last two years.
  • Westpac has put its audit out to tender and PwC has been asked not to submit a proposal.
  • An external audit is a financial review that's conducted by a third party accounting firm.

👉 Background: PwC is one of the big four accounting firms, with over 700 offices across the world. Earlier this year, PwC partners were exposed for advising the government on tax info and also advising those affect companies on that confidential government advice.

👉 What happened: Now, Westpac has ended their 20-year audit relationship with PwC. And this was a major partnership for PwC, which generated over $70 million for PwC in the last two years.  

👉 What else: For the coming year, Westpac has put its audit out to tender and PwC has been asked not to submit a proposal. Ouch.

What's the key learning?

💡An external audit is a financial review that's conducted by a third party accounting firm. It's like a routine rental inspection, but for a company's finances.

💡The idea is to provide an independent opinion about the company's financial position that will give investors confidence in the internal accounting practices.

💡The big four accounting firms earned 99.3 per cent of audit fees paid by Australia’s 200 largest listed companies, like Westpac. So this might be the first of many blows for PwC's audit team.

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