They’re Still Choosing BDO
Unfortunately, they’re choosing BDO because they can’t live up to the “standards” of the Big 4. Has anything changed for BDO? Have they come out from under the dark cloud that was the judgement in the Banco Espirito Santo case?
No, nothing has changed. They are still teetering on the brink of demise if their appeals don’t go their way. Although this understates the worries for BDO. This is not their only legal problem.
In another example of a problem child, risky company riddled with restatement woes and investigation blues, moving down or across the ranks to find a more pliable auditor, Motive has selected BDO.
Just goes to show ya…There’s always a firm that will bend over backward for a paycheck.
Austin software firm Motive Inc. hired a new independent auditor, just three months after parting with Ernst & Young.
Motive (OTCBB: MOTV) reached an agreement with BDO Seidman to begin work Oct. 17.
“We are pleased to engage BDO Seidman as our new independent auditor,” says Alfred Mockett, Motive’s chairman and CEO. “This is another positive step in resolving Motive’s historical issues.”
In July, Motive dropped accounting firm Ernst & Young following a lengthy investigation into accounting practices. Executives authorized Ernst & Young to respond to the inquiries from the company’s successor accounting firm concerning the subject matter of each of the disagreements.
Motive is restating financial statements dating back to 2001.