H&R Block Looking For New Auditor – Good Luck With That
I guess this solves one problem but, who to choose? They fired PwC only a few years ago when PwC wouldn’t put up with their shenanigans anymore. I guess they have no one “on deck”.
H&R Block (HRB) said Monday that it has decide to replace KPMG as its auditor after a court appointed monitor of KPMG, Richard Breeden, was elected to Block’s board.
Breeden, the former head of the U.S. Securities and Exchange Commission, serves as the monitor of KPMG under its deferred prosecution agreement with the Department of Justice. Edward Shaw, also newly elected to Block’s board, is engaged in monitoring KPMG as well.
“The audit committee concluded that it was necessary to replace KPMG as the company’s independent auditor so that the new directors would be able to participate fully on the board,” Block said in a press release.
H&R Block said it has begun looking for a new auditor.
As to the prospects for a successor firm, recall the exchange in the 1974 disaster flick, Towering Inferno, as to the avilability of volunteers to dynamite the water tanks on the roof of the burning San Francisco high-rise:
Doug Roberts, the architect (Paul Newman): “How do you plan to get the explosives up there?”
Chief O”Halloran (Steve McQueen)” “Oh, they’ll find some dumb son of a bitch to bring them up.”
And they did!