All articles tagged with #pwc
Originally Published 9 days ago — by Financial Times
PwC is increasing its involvement in the cryptocurrency sector as support from Donald Trump and other lawmakers grows, signaling a broader acceptance and integration of digital assets in the financial industry.
Originally Published 4 months ago — by Business Insider
PwC plans to reduce its entry-level hiring by nearly a third by 2028 due to technological changes and AI integration, reflecting a broader trend across the professional services industry to automate routine tasks and focus on more specialized skills.
Originally Published 5 months ago — by Business Insider
PwC predicts that within three years, entry-level accountants will take on managerial roles by overseeing AI-driven audit tasks, prompting a shift in training focus towards foundational skills and critical thinking to adapt to automation and AI integration in the industry.
Originally Published 1 year ago — by Hollywood Reporter
PricewaterhouseCoopers forecasts a robust mergers and acquisitions (M&A) market in the media and telecom sectors for 2025, driven by pent-up demand and a shift towards a pro-deregulation agenda under President-elect Donald Trump. This follows a period of regulatory roadblocks under the Biden administration, which hindered major deals. The anticipated changes in regulatory leadership, including Brendan Carr as FCC chair, are expected to facilitate consolidation and expansion among dominant players.
Originally Published 1 year ago — by CNBC
PwC has signed a deal with OpenAI to become its first reseller and largest enterprise user, providing ChatGPT Enterprise licenses to over 100,000 employees in the U.S. and U.K. This partnership aims to integrate generative AI deeper into PwC's operations and client services, enhancing their technology ecosystem and AI capabilities. The financial terms of the deal were not disclosed.
Originally Published 1 year ago — by TechCrunch
OpenAI has signed PwC as its largest enterprise customer, covering 100,000 users, and its first resale partner for ChatGPT's enterprise tier. This partnership aims to demonstrate the potential of generative AI in the workplace, offering faster, unlimited interactions and customizable models. PwC's adoption underscores its belief in AI's role in business evolution and growth, while OpenAI continues to build its partner ecosystem to support enterprise deployment.
Originally Published 2 years ago — by KTLA Los Angeles
A recent poll by PwC revealed that 1 in 4 CEOs are planning to replace workers with AI, particularly generative AI, in 2024, with potential layoffs expected in industries such as entertainment, insurance, banking, transportation, logistics, telecommunications, and retail. The use of AI in the workplace has raised concerns among workers and unions, with the entertainment industry already experiencing contract disputes over AI implementation. Executives are optimistic about AI's potential for innovation and cost-cutting, but caution is advised to avoid unintended consequences.
Originally Published 2 years ago — by CNN
The US Public Company Accounting Oversight Board (PCAOB) has fined PwC's China arm $7 million for failing to prevent widespread cheating by its staff during internal training exams in mainland China and Hong Kong. The penalties are the first enforced against Chinese companies since a 2022 agreement allowing US regulators to investigate firms in mainland China and Hong Kong. PwC workers engaged in improper answer sharing, resulting in a gross violation of quality control standards. PwC Hong Kong and mainland China have been ordered to pay $4 million and $3 million, respectively. The PCAOB has also penalized a mainland Chinese accounting firm, Shandong Haoxin, for violations including issuing a false audit report.
Originally Published 2 years ago — by Financial Times
PwC has been fined $7 million over exam cheating by its staff in China and Hong Kong. The cheating involved sharing answers and exam questions with colleagues, compromising the integrity of the exams. PwC has stated that it takes the matter seriously and has implemented measures to prevent such incidents in the future.
Originally Published 2 years ago — by ICIJ.org
Accounting firm PwC's Cyprus branch, PwC Cyprus, has been implicated in helping powerful Russian oligarchs evade Western sanctions and maintain their vast wealth. Leaked documents reveal that PwC Cyprus provided services to at least 62 shell companies and trusts controlled by Russian billionaires Alexander Abramov and Alexander Frolov, including their steelmaker Evraz PLC, which produces the majority of rails used by Russia's military in the war in Ukraine. The documents also show that PwC Cyprus helped Russian clients under threat of sanctions transfer hundreds of millions of dollars between secretive shell companies, sometimes involving asset transfers to family members to evade sanctions. PwC has stated that it complied with EU and UN sanctions before Russia's invasion of Ukraine and has severed ties with 60 clients as a result of its new Russia-related sanctions policy.
Originally Published 2 years ago — by Reuters
UBS Group has decided to retain EY as its external auditor and expand its role to include Credit Suisse's accounts from 2024. PwC, which has been Credit Suisse's auditor since 2020, will audit the acquired bank's accounts for 2023. The contract size will require EY to bring in staff from other countries to work on the audit.
Originally Published 2 years ago — by Financial Times
PwC, one of the "Big Four" accounting firms, has been linked to a tax leak scandal in Australia, with leaked documents revealing that the firm helped Google shift billions of dollars in profits offshore to avoid taxes. The leaked documents, known as the "Paradise Papers," highlight the ongoing issue of tax evasion and the lack of financial transparency among multinational corporations.
Originally Published 2 years ago — by DW (English)
PwC Australia's acting CEO, Kristin Stubbins, has promised "severe" consequences for staff found to have acted improperly in a scandal over sharing secret Australian government tax plans with major multinationals to help them avoid paying. PwC is currently conducting an internal investigation and has already suspended a series of executives. A criminal investigation is also running against the company. PwC Australia has issued a statement saying it is selling its public sector business for a symbolic sum of AU$1 in a bid to ensure such a conflict of interest could not repeat itself.
Originally Published 2 years ago — by Yahoo Finance
PwC is selling its government advisory business in Australia to Allegro Funds for just AUD 1 ($0.7) after a former tax partner was found to have been passing around confidential government information. The scandal led to the Australian Treasury referring the matter to police for criminal investigation and PwC's CEO stepping down. The sale accounts for about 20% of PwC's revenue in the country.
Originally Published 2 years ago — by Going Concern
PwC Australia is reportedly in talks with private equity firm Allegro Funds to sell off its government, education, and healthcare practice, which could include 100 partners and 1,000 staff. The move would provide independence from PwC and allow the partners to bid for government contracts again. PwC has been dealing with a PR storm and the loss of critical clients due to a tax scandal involving the leak of confidential government tax information by ex-partner Peter Collins. A recent survey found that 79% of Australians want PwC banned from receiving new government work.