Sealed Air switches audit firms in light of SEC subpoena
In a regulatory filing, Sealed Air said this week that it's audit committee dismissed Ernst & Young as the company's independent registered public accounting firm effective as of that date. "This change is being made in light of the Company's previously disclosed receipt of a subpoena from the U.S. Securities and Exchange Commission on May 2, 2019 for documents and information relating to the process by which the Company selected its independent audit firm for the period beginning with fiscal year 2015, and relating to the independence of that audit firm. EY has reaffirmed to the Company that EY believes there has been no independence violation, and the Company has not reached a contrary conclusion. Nonetheless, the pendency of the SEC investigation, along with the Committee's dissatisfaction with information it learned about the process by which EY was selected as auditor, caused the Company to make this change now to allow for an orderly transition for the audit of the Company's fiscal 2019 consolidated financial statements and to minimize the risk of disruption that could arise in the event of an unplanned change in independent auditors at an undetermined time in the future." On August 7, 2019, the Committee approved, effective immediately, the engagement of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for the company's fiscal year ending December 31, 2019.