Laredo Petroleum decided this week to end its services with Chicago-based Grant Thornton LLP as its accounting firm. But neither side gave any clue as to what caused the break-up, something that is typical when such splits occur.
The Tulsa-based company fired Grant Thornton and appointed Ernst & Young LLP as its new public accounting firm for the fiscal year ending December 31, 2022.
The Laredo decision was made by the Audit Committee which stated in a filing with the Securities and Exchange Commission that Grant Thornton’s audit report for the fiscal years ended Dec. 31, 2021 and 2020 “did not contain an adverse opinion or a disclaimer of opinion and was not qualified or modified as to uncertainty, audit scope or accounting principle.”
Grant Thornton LLP is the American member firm of Grant Thornton International, the seventh largest accounting network in the world by combined fee income. Grant Thornton LLP is the sixth largest U.S. accounting and advisory organization.