Big 4 Audit Firm PwC Plans Global Restructuring, PwC UK to Merge Risk Business & Consulting Business and Will Have Total of 4 Businesses in UK Including Audit, Tax & Deals
15th April 2026 | Hong Kong
Big 4 audit firm PwC is reported to be planning global restructuring, and PwC UK announced to merge the risk business & consulting business and will have total of 4 businesses in UK including audit, tax & deals. In 2026 April, UK Financial Reporting Council (FRC) opened an investigation on PwC in audit of UK-listed investment trust company Digital 9 Infrastructure, which is currently in managed wind-down. InfraRed Capital Partners was appointed in 2024 December as investment manager. PwC was appointed as external auditor in 2021. In 2026 March, United Nations (UN) World Bank issued 21-month bans to PwC subsidiaries (Mauritius, Kenya & Rwanda) from providing professional services to World-Bank financed projects due to collusive & fraudulent practices by obtaining procurement information from project officials to secure consulting projects. In 2026 February, PwC completed the 1-year ban (2026 February) for advisory & consulting projects to Saudi Arabia $1 trillion sovereign wealth fund Public Investment Fund (PIF) & 100+ subsidiaries, and can resume pitching for advisory & consulting projects. In 2025 July, PwC member network (Tiang & Partners) founder David Tiang and a few partners were reported to have exited the firm. In 2025 June, Big 4 auditor PwC 107 partners was reported to have exited or will exit PwC Hong Kong & China, with 77 Partners exited PwC China Mainland since 2024 December and 10 Partners exited PwC Hong Kong since 2024 December with at least 10 more Partners to exit in the next months. In 2025 March, PwC was banned for 1 year Public Investment Fund (PIF) & 100+ subsidiaries, with a 1-year ban imposed on advisory & consulting projects to PwC until 2026 February. PwC audit work can continue. In 2025 April, PwC had ceased operations in more than 10 countries, and lost around 33% of businesses in recent years after dropping risky clients & clients withdrawals from major scandals In 2024 September, China regulators have issued PwC China a 6-month ban & $62 million (CNY 441 million) fine for failure in audit of collapsed China Evergrande. China Ministry of Finance issued a $16.3 million (CNY 116 million) fine & confiscation of illegal gains on PwC Zhong Tian, and the China Securities Regulatory Commission issued a $45.8 million (CNY 325 million) fine & confiscation of illegal gains. PwC Australia Government Tax Leak Scandal – Australia police had searched PwC Sydney office on 4th November 2024 for investigation into individuals who had left PwC. In 2024 July, the Australia Federal Treasury was reported to be reviewing foreign companies takeovers in Australia involving PwC for allegedly misleading Australia Tax Office to help clients receive approval from the Foreign Investment Review Board (FIRB). In 2025 March, the UK Financial Reporting Council (FRC) fined PwC $4.5 million & Jonathan Hinchliffe $70,000 for failures in FY2019 audit of Wyelands Bank in understanding bank lending & risks in exposure to related parties, resulting in unacceptable level of risk by 2020 March.
“ Big 4 Audit Firm PwC Plans Global Restructuring, PwC UK to Merge Risk Business & Consulting Business and Will Have Total of 4 Businesses in UK Including Audit, Tax & Deals “
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Big 4 Audit Firm PwC Plans Global Restructuring, PwC UK to Merge Risk Business & Consulting Business and Will Have Total of 4 Businesses in UK Including Audit, Tax & Deals
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