Big4 Auditor Changes week ending 08 Mar 2015

Each Big4 firm involved in auditor changes this week. Every firm lost at least one client, and three of the four picked up new clients, EY being the exception (not a surprise).

The Boston Beer Company filing notes the audit committee unanimously approved the dismissal of EY. The message was already clear; saying it was unanimous is just rubbing it in.

Warner Music Group, Orbital ATK, and The Andersons Inc. all note they used a competitive process to select their new auditors. It occurred to me recently that rock, paper, scissors is a competitive process.  Wouldn’t that be awesome? Instead of long powerpoint presentations and a promise of lower fees, it would be a winner take all, partner v. partner competitive bout of rock, paper, scissors. It would take a long process and reduce it to a few seconds. Literally, mano a mano. Think about it.

Here’s the full list:

Filing Date Company Location Old Auditor New Auditor Dismissal / Resignation
3/2/2015 Credit Suisse Asset Management Income Fund, Inc. NY Pricewaterhouse Coopers LLP KPMG LLP Dismissal
3/2/2015 Credit Suisse High Yield Bond Fund NY Pricewaterhouse Coopers LLP KPMG LLP Dismissal
3/2/2015 Blue Bird Corporation (formerly School Bus Holdings Inc. & Hennessy Capital Acquisition Corp.) GA KPMG LLP Pricewaterhouse Coopers LLP Dismissal
3/2/2015 Orbital ATK, Inc. VA Deloitte & Touche LLP Pricewaterhouse Coopers LLP Dismissal
3/3/2015 Aviat Networks, Inc. CA KPMG LLP BDO USA LLP Dismissal
3/3/2015 Westamerica Bancorporation CA KPMG LLP Crowe Horwath LLP Dismissal
3/3/2015 The Andersons, Inc. OH Pricewaterhouse Coopers LLP Deloitte & Touche LLP Dismissal
3/4/2015 The Boston Beer Company, Inc. MA Ernst & Young LLP Deloitte & Touche LLP Dismissal
3/5/2015 Warner Music Group Corp. NY Ernst & Young LLP KPMG LLP Dismissal

Thanks for taking a spin on the Big4 Auditor Carousel. With a lot of 10-Ks now on file, the next few weeks should be interesting. Keep your eye out for anything mentioning rock, paper, scissors.

Round and round and round…

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