Salem Communications reports that on June 7th the Audit Committee of its Board of Directors dismissed Ernst & Young LLP as Salem's independent registered public accounting firm and appointed Singer Lewak Greenbaum & Goldstein LLP as the company's new independent registered public accounting firm for the fiscal year ending December 31, 2007.
"This change in accounting firms did not result from any dissatisfaction of the Committee or Salem with the quality or delivery of professional services rendered by E&Y. The decision to replace E&Y with SLGG as Salem's independent registered public accounting firm was made by the Committee," Salem said in an SEC filing.
SmartMedia observation: Salem is not the first broadcaster to fire its big name accounting firm and hire a lesser known firm that likely costs considerably less. If Wall Street isn't going to attribute value to radio stocks, there is no reason to pay for a big name auditor.
