KV RETAINS KPMG: Drug developer KV Pharmaceutical Co. hired Big Four firm KPMG as its auditor, replacing BDO Seidman, which resigned.
BDO had served as auditor to KV since 1996, according to a federal filing.
In the document, KV said that its former auditor had identified a reportable condition stemming from deficiencies in customer credit processing and the insufficient management review of the company’s accounts receivable reserves to identify the issue. KV said that it has rectified the condition.
PWC RESIGNS AS PROXYMED AUDITOR: ProxyMed Inc., an Atlanta-based health care transaction concern, said that Big Four firm PricewaterhouseCoopers has resigned as its independent accountant, according to a Form 8-K filed with the Securities and Exchange Commission.
No reason was given for the resignation.
According to the filing, ProxyMed didn’t have any disagreements with its former auditor, and the company’s financial statements for 2003 and 2002 didn’t contain an adverse opinion or a disclaimer of opinion, and were not modified as to uncertainty, audit scope or accounting principles.
COSI TAPS SEIDMAN: New York-based sandwich and café operator Cosi Inc. hired BDO Seidman as its independent accountant for its fiscal year ending Jan. 3, 2005, according to a Form 8-K filed with the Securities and Exchange Commission.
BDO replaces Ernst & Young, which resigned as Cosi’s auditor earlier this year after informing the client of deficiencies in its internal controls.
MACERICH APPOINTS D&T: Real estate investment trust Macerich Co. dismissed incumbent auditor PricewaterhouseCoopers and hired Big Four rival Deloitte & Touche as its successor, according to a federal filing.
During its last two fiscal years, Santa Monica, Calif.-based Macerich reported no disagreements with its former auditor regarding accounting principles or practices, according to the filing.
No reason was given for the dismissal.
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