Golf Trust of America, a former real estate investment trust, said it has selected Cherry Bekaert & Holland as its audit firm, replacing BDO Seidman.
The company used to invest in golf courses before it began liquidating its interests in 2001. Last November, the shareholders decided to exit Golf Trust's liquidation plan and move the company forward as a going concern. At the same time, the CEO stepped down and was replaced. The company still owns two country clubs.
Golf Trust's audit committee recommended the change in auditors, primarily from a cost standpoint. The company and BDO did not have any disagreement on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures that would have caused BDO to make reference to the disagreement in its report on Golf Trust's financial statements, said the company.
"We have enjoyed a very positive association with BDO over the years," said Golf Trust CEO Mike Pearce in a statement. "However, we believe that Cherry Bekaert offers our shareholders an ideal combination of services and cost-efficiency. We look forward to working with the Cherry Bekaert team well into the future."
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