business news in context, analysis with attitude

  • Published reports say that the Great Atlantic & Pacific Tea Co. (A&P)has said that the “reportable condition” that had been raised by its former accounting firm, Deloitte & Touche, has been resolved.

    The “reportable condition,” or a significant deficit in its accounting controls covering vendor allowances, was said to have been delivered to A&P management, the day before the company announced it was switching its accounting contract to Pricewaterhouse.

    The report does not allege that the information delivered by Deloitte & Touche was connected to the change in accounting firms, nor that this “reportable condition” is connected to other accounting issues that have plagued A&P in recent months.

KC's View: