LED lighting company Cree has decided to switch accounting firms.
The Durham-based company reported Monday in a Securities and Exchange Commission filing that it has replaced Ernst & Young by naming PricewaterhouseCoopers as its new accounting firm.
The switch, which took effect Nov. 25, was a decision by the Cree board of directors’ audit committee.
The decision followed a competition held by the committee among accounting firms invited to participate in the process. Ernst & Young was one of the firms invited to compete for the business.
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Cree and Ernst & Young have separately notified the SEC that there were no disagreements between them “on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.”