Big4 Auditor Changes week ending 08 June 2014

Seven changes this week, with four companies opting to let go of their Big4 auditor in favor of a smaller firm. Just one company going the opposite direction.

The KVH Industries filing contained this nugget about a material weakness they’d received:

“The material weakness arose from a fraudulent scheme by the most senior member of our accounting staff at our Danish subsidiary to misappropriate assets from us over a period of at least three years. The scheme included fraudulent wire transfers to a personal bank account, fraudulent documentation, forged signatures and use of a corporate credit card for personal expenses. For the three years ended December 31, 2013, the aggregate amount of misappropriated funds in any year ranged from approximately $118,000 to $250,000. We recovered these losses in 2013 through our insurance policies.”

Thank goodness for insurance. Now, everyone go have a few cash disbursements and expense reports pulled for your foreign subs and make sure you’re not getting robbed blind.

On to the auditor changes:

Filing Date Company Location Old Auditor New Auditor Dismissal / Resignation
6/2/2014 HMN Financial, Inc. MN KPMG LLP CliftonLarsonAllen LLP Dismissal
6/2/2014 Respect Your Universe, Inc. OR Deloitte & Touche LLP Marcum LLP Dismissal
6/2/2014 Dril-Quip, Inc. TX BDO USA LLP Pricewaterhouse Coopers LLP Dismissal
6/2/2014 Choice Hotels International, Inc. MD Pricewaterhouse Coopers LLP Ernst & Young LLP Dismissal
6/4/2014 Annie’s, Inc. CA Pricewaterhouse Coopers LLP Resignation
6/5/2014 Waterstone Financial, Inc. WI KPMG LLP McGladrey LLP Dismissal
6/6/2014 KVH Industries, Inc. RI KPMG LLP Grant Thornton LLP Dismissal

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Round and round and round…

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