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July 1, 2010

Mazars admits Philippines correspondent

Mazars has admitted a correspondent firm in
the Philippines. Reyes Tacandong and Company was inaugurated this
week and will be led by chairman Roman Felipe S. Reyes.

It has been formed by nine former SGV
partners, who controversially left firm due to allegations of
interference from Ernst & Young (E&Y), the global network
the SGV is a member of.

The Makati City-based firm will initially
provide due-diligence, tax and transaction services with a longer
term goal to enter the audit market.

The firm plans to recruit 100 staff
this year and 250 staff after three years, which would place
it among the leading mid-tier firms.

“We aim to bring back the ideals from the days
when we started out as new accountants,” Reyes said. “When
professionalism meant not only submitting audited financial
statements but also being responsive to clients’ needs. Many of top
corporations have grown partly due to the guidance and disciplined
action of their partners in the accounting profession.”

E&Y interference

Reyes told the International Accounting
Bulletin
the partners walked out on SGV because E&Y’s East
Asia management had been interfering with SGV’s operations,
including recruitment and client decisions.

Protectionist laws in the Philippines prevent
foreign nationals from operating a domestic accounting
firm.

SGV is the largest firm in the Philippines and
has an audit market share of about 65 percent of listed
companies.

Mazars Asia Pacific leader John Mellows hailed
Reyes Tacandong and Company as a “spiritual successor” to SGV, a
firm that was revered in the Philippines and South East Asia for
its promotion of domestic talent and prinicples.

 

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