McLean, Va. (June 16, 2003) -- BearingPoint Inc., formerly KPMG Consulting, has named PricewaterhouseCoopers as its independent accountant, effectively replacing auditor Grant Thornton after nearly five years of service.

PricewaterhouseCoopers will audit BearingPoint’s consolidated financial statements for fiscal year 2003, which ends June 30, 2003. Grant Thornton served as auditor since 1998.

BearingPoint’s board of directors made the appointment “following a comprehensive evaluation of requested proposals from auditors with proven abilities to serve companies with global operations,” according to BearingPoint spokesman John Schneidawind.

“PricewaterhouseCoopers was selected because of their global reach as a company, which mirrors our global reach as a consulting company,” Schneidawind said. “The work Grant Thornton has done has been excellent; we're just moving in another direction because of our significant international expansion over the last year.”

He added that there are no disagreements between BearingPoint and Grant Thornton on any matters of accounting principles or practices, financial statement disclosures, or auditing scope or procedures.

PwC did not return calls by press time.

KPMG Consulting, which separated from its auditing parent and became a publicly traded entity in February 2001, changed its name to BearingPoint in October 2002.

-- Seth Fineberg

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