GRANT THORNTON DROPS PAIR OF SUBPRIME CLIENTSGrant Thornton has quit as auditor to subprime lenders Fremont General Corp. and Accredited Home Lenders Holding Co..
In federal filings, the audit firm indicated that it needed to expand the scope of audits on both companies, but did not offer a reason for the resignations.
At press time, neither Santa Monica, Calif.-based Fremont General nor Accredited Home Lenders of San Diego had engaged a successor auditor.
In resigning as independent accountant from Fremont General, Grant Thornton told its former client of the need for a wider audit scope "in light of the company's current operating environment and the industry in which it operates."
KPMG DECLINES TO STAND FOR RE-ELECTION AT BANKRATE
Big Four firm KPMG won't stand for re-election as auditor to Internet banker Bankrate Inc.
Earlier, North Palm Beach, Fla.-based Bankrate had made requests for proposals from some seven audit firms, including KPMG, to serve as its auditor for fiscal 2007.
In a filing, KPMG said that it did not have any disagreements with its soon-to-be-former client on any accounting matters for the years ended Dec. 31, 2005 and 2006, and the subsequent interim period through March 31.
Cache Dismisses Deloitte
Women's apparel retailer Cache Inc. has dismissed its auditor, Big Four firm KPMG, and named Mahoney, Cohen & Co. as its successor.
In a federal filing, New York-based Cache did not state a reason for the change in independent accountants, and said that it had no disagreements with its auditor over accounting matters.
SPARTAN MOTORS ENGAGES BDO SEIDMAN
Spartan Motors Inc., a manufacturer of custom vehicle chassis, named BDO Seidman as its new independent accountant, replacing Big Four firm Ernst & Young.
In a filing, Ernst & Young's reports on Spartan's financials for the years ended Dec. 31, 2005 and 2006, did not contain an adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles.
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