Aldila Announces Change in Auditor
Dec 02, 2011
OTC Disclosure News Service
Poway, CA –
Aldila, Inc. Subsidiaries
November 28, 2011
Aldila, Inc. (OTCQX:ALDA) (“Aldila”) hereby discloses that effective November 28, 2011 it engaged Squar, Milner, Peterson, Miranda Williamson, LLP as its independent accountant to audit its financial statements, commencing with the period ending December 31, 2011. Concurrently, Aldila terminated its previous engagement of Mayer Hoffman McCann P.C. (the “Former Accountant”).
Pursuant to OTCQX Alternative Reporting Standard, Section Two, Item 10, Changes to Issuer’s Certifying Accountant, Aldila makes the following disclosures:
1. The Former Accountant was dismissed by Aldila effective as of November 28, 2011. The Former Accountant did not resign or decline to stand for re-election.
2. The Former Accountant’s report on Aldila’s financial statements for either of the past two years did not contain any adverse opinion or disclaimer of opinion, nor was it modified as to uncertainty, audit scope, or accounting principles.
3. The decision to change accountants was approved by Aldila’s board of directors. Aldila does not have a separate audit committee at this time.
4. There were no disagreements with the Former Accountant on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the Former Accountant’s satisfaction, would have caused it to make reference to the subject matter of the disagreement(s) in connection with its report.
5. The Former Accountant has not advised Aldila of any of the following: (i) internal controls necessary to develop reliable financial statements did not exist; (ii) information had come to its attention which made the Former Accountant unwilling to rely on management’s representations, or unwilling to be associated with the financial statements prepared by management; (iii) the scope of the audit should be expanded significantly, or information had come to its attention that the Former Accountant concluded will, or if further investigated may, materially impact the fairness or reliability of a previously issued audit report or the underlying financial statements, or the financial statements issued or to be issued covering the financial periods subsequent to the date of the most recent audited financial statements (including information that might preclude the issuance of an unqualified audit report) and the issue was not resolved to the Former Accountant’s satisfaction prior to its dismissal.
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