Florham Park, N.J. (May 3, 2004) -- Grant Thornton distanced itself from its former audit client, Global Crossing Ltd., by withdrawing its audit reports for the telecommunications giant after the company said that it would restate its results for fiscal 2003 and 2002 due to concerns about the adequacy of its accrued cost of access liability.
The Chicago-based accounting firm, which was dismissed by Global Crossing on April 1 and replaced by Ernst & Young, said that its audit reports for the three previous quarters "can no longer be relied upon in light of the company’s recent announcements," Global Crossing said in a filing with the Securities and Exchange Commission.
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