Flow Capital taps PwC as auditor as it scales

Auditor change at TSXV:FW effective September 24 2025 signals a governance upgrade for the venture-debt lender.

What happened

Flow Capital Corp. (TSXV:FW) said it changed auditors from Dale Matheson Carl-Hilton Labonte LLP (DMCL) to PricewaterhouseCoopers LLP (PwC), effective September 24 2025. The company filed the required Notice of Change of Auditor and letters from both firms on SEDAR+. DMCL had no reservations in its audit reports for the two most recently completed fiscal years. Flow said there are no reportable events between it and DMCL. The board and audit committee reviewed the filings.

Why it matters

An auditor change matters to investors. Big accounting firms bring deeper resources and a broader technology stack. For a growing venture-debt lender this can mean stronger controls, faster reporting, and greater comfort for banks and institutional investors. Flow is pitching itself to tech companies seeking $2 to $10 million in non-dilutive growth capital. Aligning with PwC can ease due diligence for deals and help scale underwriting as Flow expands across the U.S., U.K., and Canada. It also removes a potential governance question. The lack of reservations in prior audits and the absence of reportable events lower short-term risk. But an auditor switch is still a milestone that bears watching. Investors should note whether the change brings faster filings, clearer disclosures, or higher audit fees.

Outlook

This is a housekeeping move with strategic overtones. Expect smoother reporting and perhaps more rigorous internal controls. Watch Flow’s next quarterly report for any shifts in accounting estimates, audit fees or disclosure detail. Also track whether Flow’s deal pace picks up. The company has been active: several investments and loans across 2025, and rising loan interest revenue in prior quarters. For now, the change reduces friction for the company as it pursues growth. Investors should still monitor SEDAR+ filings and quarterly results for concrete impacts.

Source: Company press release