CVS CAREMARK DISMISSES KPMGCVS Caremark Corp., a prescription drug provider, has jettisoned Big Four firm KPMG as its independent accountant and named Ernst & Young as its successor.
In a filing, Woonsocket, R.I.-based CVS did not have any disagreements with its former auditor for its fiscal years ended Dec. 30, 2005, and Dec. 31, 2006.
Ernst & Young had served as auditor for Caremark Rx Inc. before it merged with CVS in March. The firm began as CVS’s auditor with the ending of the company’s fiscal quarter on September 29.
MAIR SPLITS WITH DELOITTE
Mair Holdings Inc., the Minneapolis-based parent to regional air carrier Big Sky Transportation Co., named Grant Thornton as its new auditor, replacing Big Four firm Deloitte.
In a filing, Mair said that the change in independent accountants was approved by its audit committee.
During the fiscal years ending March 31, 2006 and 2007, and the subsequent interim period through Sept. 27, 2007, there were no disagreements with Deloitte on any matter of accounting principles or practices, financial statement disclosures, or auditing scope or procedures.
RADIAN AUDITOR DECLINES RE-APPOINTMENT
Philadelphia-based surety and title insurer Radian Group Inc. said that Big Four firm Deloitte declined to stand for re-election as its auditor. According to a federal filing, Deloitte’s engagement will end after the company has filed its third-quarter report.
Deloitte’s audit reports on Radian’s financial statements as of Dec. 31, 2005 and 2006, and for each of the three years in the period ended Dec. 31, 2006, contained no adverse opinion or disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope or accounting principles.
ALLEGHENY RETAINS DELOITTE
Allegheny Energy, a Greensburg, Pa.-based electric utilities provider, named Big Four firm Deloitte as its new independent accountant, replacing PricewaterhouseCoopers, which was dismissed.
According to a federal filing, the company had no disagreements with its former auditor on any matters of accounting. Deloitte will begin as Allegheny’s auditor in 2008.
