E&Y Resigns as Fog Cutter Auditor

Fog Cutter Capital Group Inc., Portland, Ore., has announced the resignation of Ernst & Young LLP as the company's independent auditor, but it stressed that there were no serious accounting disagreements between the two entities.Fog Cutter gave no reason for the auditor's resignation, but it said E&Y's reports on the company's financial statements in the past two years contained no adverse opinions, disclaimers, or qualifications based on uncertainty, the scope of the audits, or accounting principles. The company added that there were no disagreements with E&Y on any accounting principles or practices, or disclosures, that would have caused the auditor to cite the disagreements had they not been resolved. The Audit Committee of Fog Cutter's board of directors has begun a search for a new auditing firm.