Washington (Aug. 21, 2003) -- Pneumatic conveyer manufacturer K-Tron International has fired KPMG as its independent auditor and hired Group B firm Grant Thornton, effective Aug. 13.
According to the company's 8-K, Grant Thornton will audit the company's financial statements for the fiscal year ending Jan. 3, 2004.
KPMG was only on the engagement for a year. It was hired in 2002 to replace scandal-plagued Arthur Andersen.
While KPMG's reports to the SEC didn't include an adverse opinion, they did include going-concern language, citing the company's recurring losses, stockholders' deficit and limited ongoing business operations.
-- WebCPA staff
