H&R BLOCK TO REPLACE KPMG
Tax-prep giant H&R Block said that it would replace its auditor, Big Four firm KPMG, after former Securities and Exchange Commission Chairman Richard Breeden was named to Block's board.
Breeden is a court-appointed monitor of KPMG, under the firm's deferred prosecution with the Justice Department stemming from its tax shelters scandal.
"The audit committee concluded that it was necessary to replace KPMG as the company's independent auditor so that the new directors would be able to participate fully on the board," Block said in a statement.
As press time, a successor firm had not been named.
OUTDOOR ENGAGES E&Y
Outdoor Channel Holdings Inc., a broadcaster of outdoor sports such as hunting and fishing, has hired Big Four firm Ernst & Young as its auditor, replacing J.H. Cohn.
The Temecula, Calif.-based concern said that its former auditor had issued an adverse opinion on the company's controls over financial reporting in 2006.
Outdoor Channel's management concluded that the material weakness was caused by inadequate financial department staffing and insufficient expertise to properly account for certain complex or non-routine transactions.
AUDIBLE RETAINS RSM
Audible Inc., a Newark, N.J.-based provider of audio books, has engaged RSM McGladrey as its independent accountant, replacing Big Four firm KPMG.
In a filing, the company said that it had no disagreements with its former auditor over any matters of accounting principles or practices.
CULP NAMES NEW AUDITOR
Culp Inc. has dismissed its auditor, Big Four firm KPMG, and named Grant Thornton as its replacement.
Culp, a North Carolina-based upholstery and mattress manufacturer, said in a federal filing that the change in independent accountants was not a result of any disagreement with its former auditor over accounting practices or principles.
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