* LNB BANCORP JETTISONS KPMG: LNB Bancorp. Inc., a holding company for Lorain National Bank, dismissed Big Four firm KPMG as its auditor and hired Plante Moran to replace it. No reason was given for the change.* EXCO DISMISSES PWC: Dallas-based oil and gas exploration concern Exco Resources Inc. replaced Big Four firm PricewaterhouseCoopers as its auditor with rival KPMG.
In a Securities and Exchange Commission filing, the Dallas-based company said that PwC's reports on Exco's consolidated financials did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principle.
* TOREADOR TAPS GT: Toreador Resources Corp., a Dallas-based energy exploration and production concern, has hired national firm Grant Thornton as its auditor. Grant Thornton was named to replace Hein and Associates, which resigned, according to an SEC filing.
* WATSON HIRES MOSS ADAMS: Moss Adams was engaged as auditor to Corona, Calif.-based Watson Pharmaceuticals Inc., a developer and manufacturer of branded and off-patent pharmaceutical products in the U.S. Moss Adams replaces Big Four firm PricewaterhouseCoopers as auditor to the company's 401(k) plan and the Watson Laboratories Caribe Inc. 1165(e) profit-sharing plan only. The reports of PwC on the financial statements of the profit plans for the fiscal years ended Dec. 31, 2003 and 2004, contained no adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principle.
* AMPER NAMED ZANETT AUDITOR: Amper Politziner & Mattia was named as auditor to customized IT solutions provider Zanett Inc. Amper replaces Deloitte as the company's independent accountant. New York-based Zanett disclosed for the fiscal year ended Dec. 31, 2005, and in its 10-Q for the interim period from Jan. 1, 2006, through March 31, 2006, that its disclosure controls and procedures were not effective because of a material weakness in internal control over financial reporting due to insufficient accounting resources.
The weakness resulted in material audit adjustments in order to present the 2005 annual financial statements in accordance with U.S generally accepted accounting principles.
