Link: Audit news
John Arme, chief executive of the SureBeam Corporation, a technology company that irradiates food, placed an ad for new auditors yesterday after firing Deloitte & Touche and KPMG.
Deloitte was dismissed yesterday after the auditors ‘raised issues of concern regarding accounting treatment used by SureBeam for certain transactions beginning in 2000,’ SureBeam said in a statement.
Deloitte said an 8-K form would be filed by the firm which will provide further details on those issues.
In June, KPMG was sacked. This time it was because the company though the auditor’s $342,000 bill was too hefty. This Big Four firm had been hired 14 months earlier, replacing a disintegrating Andersen, which only charged audit fees of $239,205.
Arme conceded that it might be difficult to find a new auditor. His company is already in financial difficulties and Arme vowed to cut costs and increase revenues in June.
But he was philosophical about his prospects of finding a new auditor. ‘In the time I was in the profession, from 1957 to 1992, the entire atmosphere was so different. You were making the decision based more on professional judgement rather than on fear of being sued.’
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
Dr Richard Willis provides a several thousand-year history lesson of the profession, from origin to modern-day