MAXXAM JETTISONS DELOITTE
Real estate investment and forest products concern Maxxam Inc. has dismissed its auditor, Big Four firm Deloitte, and named Grant Thornton as its new independent accountant.
In a federal filing, the Houston-based company said that its decision to change auditors did not stem from any disagreements with Deloitte.
During the years ended Dec. 31, 2006 and 2007, and the subsequent interim period ended March 31, 2008, through June 16, 2008, there were no disagreements with Deloitte on any matter of accounting principles or practices.
TARRAGON CORP. DISMISSES GT
New York-based real estate property manager Tarragon Corp. has dismissed auditor Grant Thornton and named Travis Wolff & Co. as its replacement.
According to a filing, Tarragon said that in connection with the audits for the fiscal years ended Dec. 31, 2006 and 2007, Grant Thornton identified a material weakness in the company's internal controls over financial reporting because it was determined that Tarragon did not have sufficient accounting and finance resources with an appropriate level of accounting experience and training in the application of U.S. generally accepted accounting principles.
VICOR PARTS WAYS WITH E&Y
Vicor Inc., an Andover, Mass.-based manufacturer and marketer of modular power components to the telecommunications sector, dismissed Big Four firm Ernst & Young as its auditor and engaged Grant Thornton as its new independent accountant.
In its audit reports, E&Y concluded that Vicor did not maintain effective internal control over financial reporting. Its former auditor said that Vicor "did not have sufficient experienced personnel and resources with the requisite technical skills to address complex and judgmental accounting, tax and financial reporting matters as part of its financial statements."
D.R. HORTON ENGAGES PWC
Homebuilding and financial services concern D.R. Horton named PricewaterhouseCoopers as its new auditor, replacing Ernst & Young.
The Fort Worth, Texas-based company said that the auditor change was not the result of any disagreements with Ernst & Young on any matter of accounting principles or practices.
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