PwC has engaged a separate law firm to independently review its previous audit work on Corporate Travel Management, following internal whistleblower concerns about ignored red flags. The big four partnership has also started its own internal investigation into those audits, initiated after Corporate Travel’s shares were suspended in 2024.
The suspension followed Deloitte Australia, which replaced PwC as auditor at the end of 2024, uncovering issues affecting earnings back to 2023.
Corporate Travel Management’s shares have been halted from trading since August, after Deloitte flagged those earnings concerns and regulators demanded clarity. The company later acknowledged it had overcharged the United Kingdom government for travel services under a major contract, intensifying pressure on both the business and its former auditor.
In February, Corporate Travel announced that its long-serving chief executive, who founded the group in 1994, would step down amid the fallout.
PwC’s dual-track response, combining an external legal review with an internal investigation, is an attempt to shore up confidence in its audit practice. Market participants now wait on the review outcomes to understand how far the alleged audit failures go and what that could mean for oversight of similar engagements.
