Venture Gets Dumped By Moss Adams
Disclosure: those are weeds, stupid!
There's nothing like a good accounting divorce. Who wants to get Team Moss Adams t-shirts made? Erm... maybe not, they're already on a rebound with the SEC. That's not really a love triangle I feel like messing with.
(ht to CPA Trendlines for the heads up on this)
Venture Financial Group, which owns Venture Bank, is looking for a new accounting firm to audit its financial statements after regional firm Moss Adams LLP announced it “would not stand for reappointment” to audit Venture’s statements in 2009, according to a Securities and Exchange Commission filing this week.(source)
Venture Financial disclosed to the SEC late Thursday that it had received a letter July 24 from Seattle-based Moss Adams about the decision.
Although Moss Adams will not work for Venture this year, it will complete other “2008 audit-related and tax services pursuant to existing agreements,” according to the filing. A spokesman for Moss Adams could not be reached Friday. Venture spokesman Joseph Beaulieu downplayed the accounting firm’s decision and said Venture has changed accountants before.
Venture Bank President and Chief Executive Jim Arneson and Venture Financial Chairman Ken Parsons Sr. could not be reached Friday.
In Thursday’s filing, Venture officials noted that they have been advised by Moss Adams that the “report of independent registered public accounting” for the period ending Dec. 31, 2008, will include a paragraph “expressing substantial doubt as to (Venture’s) ability to continue as a going concern due to the significant net loss from operations in 2008, deterioration in the credit quality of its loan portfolio and the decline in its level of regulatory capital to support operations.”
I'd hate to postulate on financial statements I haven't yet seen but, uh, that might be material, guys.
Oh burn, this is never good:
Federal Reserve Press Release
Release Date: April 7, 2009
For immediate release
The Federal Reserve Board on Tuesday announced the execution of a Written Agreement by and between Venture Financial Group, Inc., Dupont, Washington, a registered bank holding company, and the Federal Reserve Bank of San Francisco.
Ouch. That's like a breakup two weeks after getting a pink slip.