Online retail firm Overstock.com has decided to retain KPMG as auditor, it was confirmed yesterday (December 29th).
The company hit the headlines six weeks ago after firing Grant Thornton following its decision to revise its stance on how a $785,000 asset should have been recorded last year.
Further concerns about Overstock's accounting practices were raised when it took the unusual step of submitting an unreviewed report for the third quarter of 2009.
However, KPMG has now been brought in to audit the Salt Lake-based firm's quarterly information for the first nine months of 2009, plus its financial statements for the whole year.
Overstock president Jonathan Johnson said: "We are pleased to have the resources and professionalism that KPMG brings as our auditors. We will work closely with them to timely file our 2009 Form 10-K."
Prior to its partnership with Grant Thornton, Overstock, which sells brand-name merchandise at discount prices, had been audited by another 'Big Four' firm, PricewaterhouseCoopers.
