No wrongdoing. No irregularities. Just PKF’s loose talk putting MCAST’s reputation on the line.
Recent reports by The Times of Malta and Malta Today have created unnecessary speculation surrounding MCAST’s 2023 audited financial statements. Both outlets referred to comments made directly by PKF, the external auditors responsible for MCAST’s annual accounts, stating that the audit has not been completed “pending some issues to be discussed in confidence with MCAST’s Board of Directors.”
PKF’s decision to speak publicly about confidential audit matters with The Times of Malta is a blatant breach of the trust and professional obligations that bind every reputable auditor. The role of an auditor is not to fuel media speculation, but to assess and report formally — with discretion, integrity, and respect for their client’s right to confidentiality.
By publicly airing “issues” — without context or clarification — PKF has acted recklessly and unprofessionally. Such behaviour is intolerable in an industry where confidentiality is a cornerstone of credibility. An auditor’s public comments should never undermine or damage the reputation of the institution they are auditing, particularly when no wrongdoing has been identified.
What PKF conveniently failed to make clear — and which must now be stated for the record — is that MCAST’s 2023 financial statements remain unsigned not because of any financial irregularities or mismanagement. The only outstanding matter involves PKF’s own request for confirmation regarding the composition of MCAST’s Board of Governors — a procedural detail with no bearing whatsoever on the accuracy or integrity of MCAST’s finances.
By omitting this crucial fact in their public remarks, PKF allowed room for misleading speculation that could tarnish MCAST’s standing. This is deeply unfair to an institution that has fulfilled all its financial obligations and operated with transparency.
MCAST
PKF owes MCAST — and the public — an immediate clarification and apology for this gross lapse in professional judgement. Anything less is an unacceptable abdication of responsibility by a firm entrusted with a position of the highest professional and ethical standards.
MCAST’s reputation should not be jeopardised by an auditor’s careless public statements — especially when no evidence exists of any wrongdoing.
1 Comment
They at PKF has tarnished their own reputation, something that they will never regain. They are now as good as died as regards work prospects from serous entities.