Big4 Auditor Changes week ending 11/24/2013

Tis the season for companies to put their audit out for bid. This week, three of the four Big4 auditor changes involved a competitive bid process.  Companies often put the audit to bid when seeking lower fees. If the incumbent lowers them enough, they stay. Otherwise, a change is made.

Interesting that KPMG got the better of EY not once, but twice this week.  New Enterprise Stone opted to go with a non-Big4 firm.

Filing Date Company Location Old Auditor New Auditor Dismissal / Resignation
11/18/2013 Rural Electric Cooperative Grantor Trust (KEPCO) Series 1997 VA Deloitte & Touche LLP Dismissal
11/19/2013 New Enterprise Stone & Lime Co., Inc. PA Pricewaterhouse Coopers LLP BDO USA LLP Dismissal
11/22/2013 Sonic Corp. OK Ernst & Young LLP KPMG LLP Dismissal
11/22/2013 Pike Corporation NC Ernst & Young LLP KPMG LLP Dismissal

I doubt we’ll see much action this coming Thanksgiving week on the Big4 Carousel. There may, however, be a company or two that tries to sneak something through.  Tune in again next week to find out. As always, thanks for stopping by.

Round and round and round…

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