SYRACUSE, N.Y. — The Penn Traffic Co. here yesterday said it named KPMG to be the company's new independent auditor, effective immediately. KPMG was selected following a review of seven candidate firms, the retailer said.
Eisner LLP, which had been Penn Traffic's auditor since September of 2006, was considered, but the retailer's audit committee "determined KPMG submitted the superior proposal," Penn Traffic said in a prepared release.
"We believe Penn Traffic has made tremendous improvements to its audit and financial-control processes, and we appreciate Eisner's contribution to those efforts," said Ben Evans, chairman of the audit committee of Penn Traffic's board. "Important factors in selecting KPMG were the experience and proximity of the firm's Syracuse-based audit team, its experience with publicly traded clients, the accessibility of its senior partners and the firm's track record of efficiently and cost-effectively executing its responsibilities while maintaining the rigor and quality of their audits."
Penn Traffic, which emerged from bankruptcy in 2005, has been the subject of regulatory investigations into its accounting practices before that time.
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