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Thread: PwC: Tax Is Top Threat

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    Default PwC: Tax Is Top Threat

    I am already astonished by the role the big four audit firms have played in the crash of the Irish economy. But reading that PwC considers tax the most critical threat to business these days is rather mind boggling. PricewaterhouseCoopers is regularly contracted by the Central Bank, the Financial Regulator and the government to conduct evaluations of public institutions and businesses. The conclusions reached by PwC are used by these institutions for the creation of new policy. Do they really have our best interest at heart? That's of course a more rhetorical question.

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    Like all professional service firms the partner servicing a particular organisation has its best interests at heart. Different partners deal with different organisations (public sector, private company, public company etc). All the partners are internally competitive as the better their clients do the largest their share of the profit within the matrix of the partnership agreement. What would you propose, that the Government receive its financial advice from your local Maths teacher?

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    Partnership structures vary from firm to firm, some have a more collegiate lockstep arrangement and some have a more individual "eat what you kill" approach. Therefore not all professional services firms are internally as competitive as described.

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    Politics.ie Member Analyzer's Avatar
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    PWC are now telling us the most serious threat that we must fear.

    This is the same PWC that auditted the banks and which produced absurd numbers on the cost of the bank guarantee.

    This is the same PWC that got money from Pravda to tell us that Pravda was not a leech on the people.

    PWC. Pricely, Wanquers, Comprimised.

    Just last month the we praising the Pravda levy. And now they are saying the problem is taxes and levies. WDF is going on ?

    Collection of hypocrites.
    Last edited by Analyzer; 28th May 2013 at 03:33 PM.
    Coveney's ambition is the be Ireland's next EU Commissar and Ireland will pay a price as he builds his CV to position himself sufficiently loyal to the nEU empire.

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    Quote Originally Posted by dariusguppy View Post
    Partnership structures vary from firm to firm, some have a more collegiate lockstep arrangement and some have a more individual "eat what you kill" approach. Therefore not all professional services firms are internally as competitive as described.
    Every large professional services practice in the country has a weighted profit share arrangement on top of basic profit share. You don't get pure percentage splits anywhere outside of mid and small firms. That and every partner has his/her individual professional reputation to trade on.

  6. #6
    Dylan2010
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    Quote Originally Posted by Analyzer View Post

    This is the same PWC that got money from Pravda to tell us that Pravda was not a leech on the people.
    I don't have the time now, but a thread ripping this report apart would be amusing, I believe RTE used the term "independent" lol

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    Politics.ie Member daveL's Avatar
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    Quote Originally Posted by YouKnowWhatIMeanLike View Post
    I am already astonished by the role the big four audit firms have played in the crash of the Irish economy. But reading that PwC considers tax the most critical threat to business these days is rather mind boggling. PricewaterhouseCoopers is regularly contracted by the Central Bank, the Financial Regulator and the government to conduct evaluations of public institutions and businesses. The conclusions reached by PwC are used by these institutions for the creation of new policy. Do they really have our best interest at heart? That's of course a more rhetorical question.
    Do you have any evidence to the contrary?

    Was there ever a time that the burden of taxation was a positive for commerce, trade or business?

    When was this time?

    What did you expect their conclusions regarding business dealing with possible increases in taxation to be?

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    Politics.ie Member daveL's Avatar
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    Quote Originally Posted by Analyzer View Post
    PWC are now telling us the most serious threat that we must fear.

    This is the same PWC that auditted the banks and which produced absurd numbers on the cost of the bank guarantee.

    This is the same PWC that got money from Pravda to tell us that Pravda was not a leech on the people.

    PWC. Pricely, Wanquers, Continually.
    Yes PWS are an old boy's club full of selfish tossers

    Grand

    But when did any business ever welcome increases in taxation?

    I'm more aghast that PWC felt the need to conduct such analysis

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    Politics.ie Member Analyzer's Avatar
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    The Untouchables by Ross & Webb, concerning PWC. P 123. [ ISBN 978-1-844-88277-9]

    Price Waterhouse Coopers (PWC) are particularly well got with the Soldiers of destiny. One of it's partners, Fergal O'Rourke is Mary O'Rourke's son, and a cousin of the late Brian Lenihan, and Conoro Lenihan. In 2001, Taoiseach Bertie Ahern gave the firm a big suitcase that was full of documents going back sixteen years. He asked the form to produce an income and expenditure statement for the St Luke's constintuency office. PWC managing partner Ronan Murhphy appeared at the Mahon Tribunal in May 2008, describing the work on what was known as "project Luke".

    In mid Sept 2008, the Financial Regulator hired PWC to investigate the state of the banks. Having crunched the numbers, PWC tolfd the government that Anglo, INBS, and IL&P faced a 'stressed case' possibility of 5 Billion in bad loands...The banks could be fixed for an affordable 5 Billion. This was a pivotal call before the cathastrophic bank guarantee".
    While PWC was running the rule over the Irish banks, it's Belfast office was also auditting Sean Quinn's empire. Quinn was Anglo's biggest shareholder, and it's largest borrower - his companies owed Anglo up to 2.8 Billion on Anglo. The audit firm was also involved in setting up a convoluted scheme whereby a variety of offshore companies were to be used to secretly buy up a stake in Anglo.
    PWC are useless. I would not ask them for directions.
    Last edited by Analyzer; 28th May 2013 at 03:54 PM.
    Coveney's ambition is the be Ireland's next EU Commissar and Ireland will pay a price as he builds his CV to position himself sufficiently loyal to the nEU empire.

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    Politics.ie Member Analyzer's Avatar
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    A lot of tax money in Ireland is wasted.

    Wasted on services of useless "professional" consultancy organizations that have a track record of getting it badly wrong.

    Did they mention that ?
    Coveney's ambition is the be Ireland's next EU Commissar and Ireland will pay a price as he builds his CV to position himself sufficiently loyal to the nEU empire.

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