PwC Philippines, also known as Isla Lipana & Co., is one of the country’s top independent auditing houses.
It was recently dragged into the MFT Group scandal after the Securities and Exchange Commission (SEC) filed a criminal complaint versus Tan’s companies, their officers and agents for illegally selling investments.
The charges also implicated PwC Philippines and two of its accountants, the SEC said.
In a statement, PwC Philippines confirmed that MFT Group of Companies Inc. was their client but the firm was being audited “as a standalone entity”.
The SEC filing alleged that PwC Philippines was also the auditor Tan’s other company, Foundry Ventures—the entity that was supposedly accepting investments from the public without the necessary licenses to do so—but the auditing firm said this was not true.
PwC Philippines said MFT Group was their client during the calendar years 2022 and 2023 and results were not yet out because as the auditing process has yet to completed.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
