PwC audit error may be costing Australian taxpayers $40-50 millionn a year in ineligible FEE HELP payments

 by Ganesh Sahathevan

 

PwC's  College Of Law Ltd audit  may exacerbate  its problems in Australia. 

 The College Of Law Ltd says on its international website:

College of Law Asia is a wholly-owned subsidiary of the College of Law Limited, an Australian not-for-profit higher education provider. The College of Law is (a) specialist Graduate School with award-granting powers conferred by the Australian Government and is the largest specialist legal education provider in the Australasian region.

https://www.collaw.com/about-us

However , the ownership of  College Of Law Asia has not, and never been reflected in the College Of Law's books (see image above) 
 Despite that exclusion the auditor PwC says :

Our opinion In our opinion: The accompanying financial report of The College of Law Limited (the Company) and its controlled entities (together the Group) is in accordance with Division 60 of the Australian Charities and Not-for-profits Commission (ACNC) Act 2012, including:

 (a) giving a true and fair view of the Group's financial position as at 30 June 2022 and of its financial performance for the year then ended 

(b) complying with Australian Accounting Standards and Division 60 of the Australian Charities and Not-forprofits Commission Regulation 2013.

 If PwC had in any way qualified  its  audit  it is quite likely that the College would have been deemed ineligible  to receive FEE HELP funding. it currently receives  of approximately AUD 40-50 Million a year for its PLT  course. 

END

College financial statements are available at: 
https://acncpubfilesprodstorage.blob.core.windows.net/public/faa95fbf-38af-e811-a95e-000d3ad24c60-d78688dc-5ff3-452c-9bf1-b6f705a8a86e-Financial%20Report-67c32c1c-9f9b-ed11-aad1-00224893362a-TCOL_-_30_June_2022-_signed_financial_statements.pdf