Auditing

Gannett Dismisses PwC after 28 Years

The media giant believes that it's ''good corporate governance to every so often change accountants.''
Stephen TaubMarch 1, 2005

Gannett Co. Inc. announced that it has dismissed PricewaterhouseCoopers LLP as its independent accountant, ending a 28-year relationship, according to a Securities and Exchange Commission filing.

A Gannett representative told Reuters there was no reason behind the decision other than to make a switch. “We have used PricewaterhouseCoopers for the past 28 years and thought it would be good corporate governance to every so often change accountants,” said spokeswoman Tara Connell.

In its regulatory filing, the media giant added that its audit committee has hired Ernst & Young LLP as its new accountant.

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Gannett stressed in the filing that during the past two years there were no disagreements with PwC on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of PwC, would have caused them to make reference in the financial reports.

The company also stated that its 2003 and 2004 financial statements did not contain an adverse opinion or disclaimer of opinion, nor were the reports qualified or modified as to uncertainty, audit scope, or accounting principle.

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