That is the news, ok. According to money.inquirer.net, the San Miguel group changed auditors from SGV & Co. to Laya Mananghaya & Co. Starting 2006, Laya Mananghaya (KPMG) will be auditing SMC. SGV was the appointed auditor since 1997.
Inq7 offered to report the following reasons for the change in auditor:
- San Miguel management received an anonymous letter citing that Philbev’s sales were overstated (leading to pointing the fingers to SGV for being at fault because they were not able to unearth it? I don’t know actually, but that is my interpretation);
- It is company policy to rotate auditors.
I’m not exactly sure which reason should I bite. Nevertheless, the second reason, I think, is more conceivable. Moreover, sources said that SGV used to employ around 160 auditors for the SMC engagement. Well, does this mean a mass hiring for KPMG? Let’s see…