E&Y Resigns CompuMed: Big Four firm Ernst & Young resigned as auditor to CompuMed Inc., a provider of diagnostics technology, according to a filing with the Securities and Exchange Commission.
No reason was given for the resignation.
According to the filing, there were no disagreements between CompuMed and E&Y on any matter of accounting principles, auditing scope or procedure.
Staar Surgical Jettisons McGladrey & Pullen: Staar Surgical, a manufacturer of eye surgery products, has dismissed auditor McGladrey & Pullen and re-hired BDO Seidman - its former auditor - according to an 8-K filing with the Securities and Exchange Commission.
BDO served as the company’s accountant from 1993 until May 30 of this year. The filing noted a disagreement between McGladrey and BDO Seidman related to principles and financial statement disclosure.
According to the filing, McGladrey & Pullen told the company that promissory notes of former officers and directors issued in connection with stock options should have been accounted for as non-recourse notes instead of full-recourse notes - which accounted for them as completed stock purchases instead of stock options.
McGladrey said that Staar’s financial statements that BDO had audited for fiscal 2000 and 2002 may have been misstated, and therefore may require an adjustment. As a result, Staar said that it plans to consult the SEC’s Division of Corporation Finance regarding the disagreement.
GT Resigns as DHB Auditor: National firm Grant Thornton resigned as auditor to DHB Industries, a Carle Place, N.Y., manufacturer and marketer of body armor for military and law enforcement channels.
No immediate replacement was named, but DHB said that it was currently engaged in a selection process.
During the most recent fiscal year, the company reported no disagreements with Grant Thornton. However, according to the filing, GT “identified” some internal control deficiencies in the company’s 10-K form for fiscal 2002, including outsourcing the preparation of its financial statements.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access