CA ANZ has fined PwC $50,000, ordered it to pay $45,668 in costs, and has imposed review and reporting requirements in the wake of the TPB order against the firm in January.

The maximum allowable fine came after CA ANZ’s disciplinary tribunal found that PwC had breached its by-laws and brought discredit upon itself, CA ANZ and the accountancy profession.

It has ordered the firm to comply with a reporting, monitoring and review regime until at least 1 July 2026.

The regime includes keeping CA ANZ informed of the results of TPB-mandated training of partners and staff on the code of professional conduct and management of conflicts of interest, in particular of those involved in confidential tax consultations.

CEO Ainslie van Onselen said the disciplinary tribunal’s decisions showed the body was “committed to ensuring the highest standards of professional ethics and performance” from accounting professionals and firms.

“It’s an important part of instilling public confidence in the expertise, professionalism and integrity of chartered accountants and the profession,” she said.

“Our members recently voted yes to strengthening CA ANZ’s by-laws and sanctions for firm events which, from next year, will include a material increase to the maximum fines which may be imposed at the Professional Conduct Committee level to $100,000 and at the Disciplinary Tribunal level to $250,000.”

The TPB findings came after former PwC partner Peter Collins was banned when he was found to have shared confidential Treasury information to benefit clients.

In the wake of that decision, PwC ordered a review of its culture by Dr Ziggy Switkowski, whose report in September exposed flaws in the firm’s governance model and a results-focused mentality that saw it lose the trust of stakeholders and regulators.

It made 23 recommendations, accepted by PwC, which must now deliver reports on its progress to CA ANZ.

CA ANZ said its investigation into PwC Australia began in January when the firm formally notified the body of the TPB order against the firm.

The TPB found that PwC Australia breached the professional code of conduct because it lacked ways of managing conflicts of interest when its staff were involved in helping Treasury frame tax legislation.

Partners could then market that information to clients despite having signed confidentiality agreements. The TPB found that some of this information was shared with other PwC personnel and existing and potential clients of PwC.

Around 12 partners left the firm as the matter played out in public and before a parliamentary committee investigating the role of consultants.

CA ANZ said its fine and orders against PwC would not limit its conduct committee’s investigations of current or former PwC partners concerning the misuse of confidential information.