BDO Seidman replaced as auditors over costs concerns

BDO Seidman has been replaced as the auditor of golf course investment
company Golf Trust of America, by Cherry Bekaert & Holland.

The move follows recommendations from the audit committee, concerned with the
costs of maintaining BDO as its auditors.

Golf Trust’s shareholders decided to move the company forward as a going
concern last November, when the CEO also stepped down.

In a statement, the company maintained it had no disagreement with its

Golf Trust CEO Mike Pearce said the company enjoyed a very positive
association with BDO over the years.

‘However, we believe that Cherry Bekaert offers our shareholders an ideal
combination of services and cost-efficiency. We look forward to working with the
Cherry Bekaert team well into the future,’ he said.

Further reading:

US follows British lead on audit choice

Levitt committee mulls audit choice changes in US

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