Financial Accounting Blog

Wednesday, October 01, 2003

The Wall Street Journal reported that Espey Manufacturing fired its auditor and didn't give a reason to the SEC. I copied the whole article since you need to subscribe to the Wall Street Journal to access the articles.

Espey Manufacturing Fires Auditor PricewaterhouseCoopers

WASHINGTON -- Espey Manufacturing & Electronics Corp. (ESP) said Tuesday that it dismissed PricewaterhouseCoopers LLP (X.PWC) as its auditor and is in the process of hiring a new one.

Espey Manufacturing, a developer of specialized military and industrial power supplies, didn't give a reason for the Sep. 9 dismissal in the 8-K filing with the Securities and Exchange Commission.

Espey said PricewaterhouseCoopers' audits for its fiscal years ended June 30 and June 30, 2002, didn't contain any adverse opinions. Espey also said it didn't have any disagreements with the auditor related to accounting practices or auditing procedures during that period and through Sep. 9.

Shares of Espey closed Tuesday at $21.36, up 10 cents.