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Article: Client drops Andersen for Peat following stock option dispute. (Spectrum Information Technologies Inc. retains KPMG Peat Marwick for 1994 financial statements, dismisses Arthur Andersen and Co.) (Change of Auditors) (Column)
- Article from:
- Accounting Today
- Article date:
- January 3, 1994
CopyrightCOPYRIGHT 1994 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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* CLIENT DROPS ANDERSEN FOR PEAT FOLLOWING STOCK OPTION DISPUTE: The board of directors at Spectrum Information Technologies Inc. dismissed Arthur Andersen as certifying accountant following a disagreement over the appropriate accounting treatment for stock options granted as part of a plan to purchase shares of the company's own preferred stock.
Officials at Manhasset, N.Y.-based Spectrum ultimately elected to follow Andersen's recommendations on this issue, and to further address concerns raised by the auditors regarding the adequacy of the company's internal control structure.
KPMG Peat Marwick was retained to audit the company's financial statements ...