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Fly News Breaks for April 4, 2016
AFSI
Apr 4, 2016 | 14:47 EDT
SunTrust acknowledges that a change in auditors is often a cause for extra scrutiny, but the firm said AmTrust's replacing BDO as its auditor with the appointment of KPMG is actually a net positive that should help improve accounting and earnings quality. For all intents and purposes KPMG conducted its own audit before taking the position and had it found any irregularities it likely would have made BDO and the company resolve the concerns before it would have taken the role, SunTrust argues. The firm keeps its Buy rating on AmTrust shares, which are down 6.5% in afternoon trading.
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