KPMG not to stand for re-appointment
By MortgageDaily.com staff
6/13/2005

Auditors have notified Impac Mortgage Holdings Inc. that they will not stand for re-appointement.

KPMG LLP told the Newport Beach, Calif.-based company on June 6 that it won't stand for reappointment as Impac's principal accountant, according to an announcement Friday.

Almost a year ago the real estate investment trust announced it would restate its financials for the years ended Dec. 31, 2001, 2002 and 2003 -- but noted at the time that the restatement would have "no effect on past or future Cash Flows" and "no effect on the past Dividends Paid or future Dividends."

This year Impac announced it would miss the SEC filing deadline for 2004s 10-K due to requirements of the Sarbanes-Oxley Act.

KPMG intends to complete its review of the Alt-A lender's interim financial statements for the quarter and six months ending June 30, 2005, Friday's announcement said.

"We fully expect to have a replacement firm engaged to provide a review of the company's interim financial statements and the company's filing of its Form 10-Q for the period ending September 30, 2005." Impac CEO Joseph R. Tomkinson said in the announcement.

Article © MortgageDaily.com All Rights Reserved