PwC work suspended by $77 bln Australian pension fund

Australia’s fourth largest pension fund suspended new work with PwC Australia on Tuesday, the latest in a string of funds to pause work with the
accounting firm over a scandal which first surfaced in January over the misuse of government tax plans.
The decision by UniSuper, which manages A$115 billion ($77 billion), means five of Australia’s largest pension funds, managing a total of some A$865 billion, have paused work with PwC, which says it is a “leading adviser” to the sector.
UniSuper said it was concerned by recent events at PwC and the fund had suspended new contracts for the “immediate future”.
The move comes a day after the “big four” accounting firm sacked eight partners, including its former chief executive, who had yet to leave the firm, in a bid to “re-earn trust”.
PwC, which was UniSuper’s internal auditor according to the fund’s 2022 annual report, declined to comment.