PwC

The Australian arm of the international media giant will aim to save $65 million amid a falling advertising market.

PwC is now one of three of the Big Four accounting firms working in China who have been embroiled in financial scandals.

Added to recent layoffs by KPMG, Deloitte and EY, almost 1,200 staff have been jettisoned from the Big Four firms since early 2023.

The ATO accused PwC of hiding information about six overseas staff who got confidential government documents from its Australian branch.

The business cited the impact of the COVID-19 pandemic and challenging economic conditions as the main reason for the collapse.

Insolvency experts predict a surge in business failures in 2024, citing the ‘double whammy’ of high borrowing costs and pressure on consumer budgets.

‘We are in a challenging and uncertain environment,’ said EY Australia Managing Partner David Larocca.