SEC needs to clarify accounting probe

IT looks like the Securities and Exchange Commission (SEC) is back in the news again. Just weeks after being involved in the controversial Rappler ownership squabble, the SEC figures in another issue, this time, about the ongoing dispute between two of the country’s leading accounting firms.

According to reports, the SEC has finally created a technical working group (TWG) to investigate the accounting dispute between the old and current management of the cargo company 2GO.

Now, the issues involve the allegedly contentious misstated financial books of the company, but I wouldn’t go into detail. The issues are complex and need more clarity from the financial experts.

But the issue arises from the composition of the working group.

Sources reportedly claim that the SEC failed to include a representative of the old 2GO management in the said TWG.

As it stands, the working group is headed by SEC Commissioner Antonietta F. Ibe. Its members include SGV-the current external auditor; KPMG-the previous external auditor, members of the current management of 2GO.

The SEC needs to shed light on the issue and confirm whether these reports are true or not.

After all, this may affect the result of the SEC’s investigation.

We need to give SEC enough credit to attempt to address the issues. But the SEC needs to be more transparent in all its actions, moving forward, to fend off questions and doubts on its integrity.

To be honest, the SEC can no longer afford another controversy. It needs to continue making above-board and forthright decisions it is known for in all its pending investigations in order to restore confidence and trust from the business sector.

As one important vanguard of transparent business practices in the Philippines, the SEC needs to set an example.