Monday, January 04, 2010

Koss Fires Grant Thornton

Gee, what a surprise.

But that's hardly the end of it; Koss estimates its total loss at $31 MILLION dollars over the last several years.

That's damn near one full year of sales for the Company.

Grant Thornton says that they were not required to (nor did they) provide audits of the Company's internal controls.



Anonymous said...

Grant Thornton is horrible as is their current managing partner Melissa Koeppel who was the one signing off on all the forms. Can't wait to see how this all goes down - they treat employees horrible especially Melissa. Very glad I got out of there when I did!

Anonymous said...

Grant Thornton (or their insurer) will probably be made to cover some of the losses for the failure to discover the theft during the audits. But I also wonder, where were John Koss and the company's audit committee over the years this was going on? Why didn’t they pay Grant Thornton or some other firm to review their internal controls? Where were the other members of the company's accounting dept? They either cooperated with the thief, ignored it or were just too stupid to see $6 million a year getting drained from this relatively small company. Company management also has a lot of explaining to do.

Dad29 said...

Company management also has a lot of explaining to do

What? Mike's going to tell his Dad (73% owner) that Mike's a complete idiot?

We already know that.