PwC agreed to sell their Government consultancy practice for $1 following a scandal over the misuse of confidential tax plans.

The accounting company has also appointed a new chief executive to lead the firm through the fallout.

Australian correspondent Oliver Peterson says even after Allegro Funds buys the consultancy practice, it's unlikely any Government will want to to business with PwC.

"The question is- no Government of the day is going to do any business with PwC. They've seen the disinvestment of the company plummet by 20 percent."

LISTEN ABOVE