Glendale, Calif. (April 28, 2004) -- Family restaurant operator and franchisor IHOP Corp. dismissed Big Four firm PricewaterhouseCoopers, its auditor of 21 years, and hired rival Ernst & Young.
In a filing, the restaurateur said that the change was spurred by its audit committee’s wish to “bring a fresh perspective.”
Although an April 16 ruling barred E&Y from accepting any new publicly traded clients for a period of six months as a result of auditor independence violations, the ban did not become official until April 26.
IHOP operates roughly 1,200 restaurants in the U.S. and Canada.
-- WebCPA staff
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