Adelphia sacks Deloitte in US
US cable company Adelphia has added to the clouds hanging over the accountancy profession, after announcing it has sacked its auditor Deloitte & Touche.
A US Securities & Exchange Commission filing made by Adelphia gave no explanation for its decision to part with its auditors, although, according to reports, Deloitte were dismissed for ‘inaccuracies in its previous financial statements’.
Adelphia, the US’s sixth biggest cable operator, also filed a 8-K form with the SEC, saying that it is expected to revise ‘material financial information’ for the years ending 31 December 2000 and 2001. In addition, the company will also provide ‘financial guidance for 2002’.
Restated statements for 2001 show profit at $1.2bn (£820m), 15% lower than the previously stated $1.4bn (£950m).
The company has not announced a replacement auditor.