Piano maker Steinway Musical Instruments has opted to tune out Deloitte & Touche as its outside auditor and replace the Big Four firm with UHY, after its audit committee decided UHY offered a better price.
UHY will serve as Steinway's independent registered accounting firm for the fiscal year ending Dec. 31, 2008. Steinway CFO Dennis Hanson said the decision did not involve accounting practices, financial statement disclosure or auditing procedures.
"We have had a very positive relationship with Deloitte over the years," Hanson said in a statement. "However, we believe UHY offers our shareholders the best combination of cost and quality on a go-forward basis and we look forward to working with their team in the future."
UHY chairman Anthony P. Frabotta (pictured) said Steinway's decision reflects a movement by companies toward smaller accounting firms that can offer lower prices than the Big Four.
"Our clients know that lower costs never translate into lower quality," he said in a statement. "And thanks to a management team with many combined years of experience, we are able to provide the personal attention of a regional accounting firm with the resources of a global organization."
