PwC's latest quarterly report shows just 26 deals were announced or completed in the first quarter of 2024.
The action also means that KPMG will no longer be Downer's auditor.
A final global sustainability assurance standard is set to be released in September this year.
Firm says there has been an industry-wide reduction in demand for some areas of government advisory.
Bailey had pleaded guilty to charges and accepted his actions resulted in misconduct.
Accounts reveal a $30m spend on acquisitions over last year.
The professional services firm is following Australia’s lead.
‘Very disappointing’ breaches ‘something we’ve needed to navigate through here,’ outgoing CEO Mark Averill says.
Regulator’s review finds more compliant audit files but warns of complacency.
‘We’re constantly looking … you’ll see further movements from us over the coming months,’ firm’s Australasian head says.