LESCO’s Board of Directors has appointed KPMG LLP as the manufacturer’s new independent auditor – replacing Ernst & Young.
In a recent filing with the Securities and Exchange Commission, LESCO noted that there were no disagreements between the company and its former independent auditor regarding any accounting principles or practices, financial statement disclosures or auditing scope and procedure.
"The Finance and Audit Committee of the Board of Directors conducted a complete and thorough process of evaluating LESCO's options relative to retaining an independent audit firm, culminating in the selection of KPMG as LESCO's independent auditor," noted J. Martin Erbaugh, LESCO's chairman and an outside director.
Actually, shareholder services recommends voluntary rotation of independent auditing responsibilities and the Federal Government is now contemplating a possible mandatory rotation of auditors, Erbaugh explained. Thus, LESCO’s directors see this change to KPMG as a move "in the best interest of our shareholders."