Excite@home drops auditor E&Y
Under fire internet company Excite@Home today dumped its auditor Ernst & Young LLP, which earlier this week expressed doubts over the dotcom's ability to continue as a going concern.
E&Y said there was ‘substantial doubt’ whether or not the access provider and media company could stay in business. The Big Five firm said Excite’s recurring losses, need for additional funding and potential Nasdaq delisting were threatening the business’ survival.
But Excite said today it had not had any disagreements with the accounting firm on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.
Excite has now switched auditor to PricewaterhouseCoopers LLP, according to a Form 8K filed with the Securities and Exchange Commission.
Excite also said its decision to part company with E&Y was made some time before Monday.
Excite has been hit by falling revenues following the downturn in the online advertising market.