One of Australia's largest accountancy firms, PricewaterhouseCoopers, has been accused of misleading or deceptive conduct over its audits of failed training college owner Vocation Limited.

PwC was last week named as a defendant in the class action brought against Vocation.

The statement of claim against PwC makes serious allegations about the conduct of the firm and partner Steve Bourke during the audit of Vocation's 2014 financial statements.

A spokeswoman for PwC declined to comment on the matter as it was before the courts.