Catapult Communications Corporation recently announced that it is changing accounting firms. What was intriguing about the press release was the detailed reason given for changing from a Big Four to a regional firm. It made the change “to significantly reduce its accounting expenses.”
Catapult estimates that expenses would be approximately $985,000 for the current fiscal year without a change. In consultation with its audit committee, it believes that by engaging a regional firm it will realize significant savings. Based on estimates received from the two firms, Catapult believes that the savings for fiscal 2008 from the change in firms will be in the range of 43 to 49 percent. That is just under a half a million dollars in anticipated savings.
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