Overstock.com, Inc. (OSTK) said Tuesday that its audit committee has engaged KPMG as the company's independent registered public accounting firm of record for the fiscal year ending December 31, 2009.
KPMG will conduct an integrated audit of the company's 2009 financial statements, including review of the company's quarterly information for the periods ending March 31, 2009, June 30, 2009 and September 30, 2009.
Overstock.com's audit committee dismissed Grant Thornton, its previous auditors, in November when Grant Thornton advised the company that they had revised their position on how the company should have recorded a $785,000 asset in 2008, and, that as a result of the revised accounting position, Grant Thornton would be unable to complete their review of the company's third quarter 2009 financial statements unless the company amended its previous 2009 quarterly filings and restated its 2008 financial results.
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