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Article: CHANGE OF AUDITORS.
- Article from:
- Accounting Today
- Article date:
- April 17, 2000
CopyrightCOPYRIGHT 2000 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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* KPMG DISMISSED OVER RESERVE FOR RETURNS: KPMG was dismissed as the independent auditor of Bone Care International following a disagreement with management at the Madison, Wis.-based company over the appropriate reserve for the returns of Hectorol, Bone Care's first commercially available product.
In a letter to the Securities and Exchange Commission's chief accountant, the auditors explained that they "had a disagreement with management regarding the company's method of recognizing revenue and the amount of revenue recorded" in connection with the sale of the new product.
KPMG also told the SEC that the firm disagreed with the dismissal date reported ...