Small appliance maker Global-Tech Appliances announced today that its Board of Directors has approved the appointment of Ernst & Young in Hong Kong as the Company's independent auditors, subject to the completion of Ernst & Young's standard client acceptance process.
Ernst & Young will replace PricewaterhouseCoopers in Hong Kong as the company's independent auditors for the fiscal year ending March 31, 2003. The appointment of Ernst & Young was based on the recommendation of the company's Audit Committee, which conducted a comprehensive review of alternatives regarding the firm that would conduct the company's independent audit.
"The decision to change auditors was made due to issues involving the merger of Arthur Andersen & Co. in Hong Kong with PricewaterhouseCoopers in Hong Kong and does not reflect any adverse position towards the firm's service to the Company," said John C.K. Sham, president and CEO of Global-Tech. "The appointment of Ernst & Young reflects that firm's extensive experience in servicing companies similar to Global-Tech and the depth of resources that are available primarily in Hong Kong to service our account."
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