Apple Goes with New Accountants

Apple tapped Ernst&Young Friday to be the company’s independent accounting firm, severing ties with KPMG, which had audited the company’s books since fiscal 1997.

In a filing with the U.S. Securities and Exchange Commission, Apple said there were no disagreements with KPMG “on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure” during the past two fiscal years.

The move, according to an Apple spokesperson quoted for a Reuters article, was a result of a recently adopted board “policy to review the appointment of its independent auditor every five years.”

Apple said the decision to change auditors was made after a competitive process, in which several firms including KPMG were invited to participate.

The regulatory filing said KPMG’s audit reports on Apple’s fiscal 2007 and 2008 financial statements contained no adverse opinions.

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Via CNN

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