Fashion distributor Nitches announces to change Auditor
26 Aug '05
3 min read
Quality Apparel seller Nitches Inc announced its Audit Committee has selected Berenson LLP to serve as the company's registered independent auditor for the fiscal year ending August 31, 2005, and for the review of quarterly financial statements for the fiscal year ending August 31, 2006. As a result, the company has terminated its audit relationship with Moss Adams LLP.
The company filed a report on Form 8-K with the Securities and Exchange Commission on August 25, 2005 announcing this change and reporting that during the past two fiscal years ended August 31, 2003 and August 31, 2004, and the most recent quarterly review period ending May 31, 2005, the company had no reportable disagreement with Moss Adams on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, and that the audit reports and quarterly reviews of Moss Adams on the financial statements of the company for the fiscal years contained no adverse opinion or disclaimer of opinion.
T. Jefferson Straub, Chairman of Nitches' Audit Committee, commented, "Moss Adams is an outstanding firm that has provided Nitches with timely and professional service for many years. As Nitches prepares for complying with the new internal controls audit requirements under the Sarbanes-Oxley Act, we needed to be particularly sensitive to the company's professional fee expenses. In light of the increased audit work that will be required under the Sarbanes-OxleyAct, the Audit Committee interviewed a number of firms, focusing on the proposed fees in addition to the capability of the audit team."
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