Washington (Oct. 27, 2003) -- Wireless communications giant Audiovox has fired its longtime auditor, KPMG, and hired Grant Thornton as its replacement, the company announced Friday.
In an 8-K regulatory filing with the Securities and Exchange Commission, Audiovox said its board of directors voted last week to switch auditors, dismissing KPMG after 23 years, but did not list a cause.
Although both Audiovox and KPMG say there were no disputes over the company’s financial condition or audits, the accounting firm did notify Audiovox’s audit committee last year that it was concerned about two internal control matters.
KPMG expressed concern about the technical competence of Audiovox’s accounting staff, as well as a deficiency in internal controls over sales incentive arrangements with its customers.
In the filing, Audiovox said it was already in the process of correcting both matters.
-- Tracey Miller-Segarra
