Linwood, PA, Apr. 13--Former Foamex International Inc. auditor Deloitte & Touche LLP said it identified reportable conditions at the company during the year ended Dec. 31, 2003.
According to a filing Monday with the Securities and Exchange Commission, Deloitte & Touche notified the Foamex audit committee in a March 9 report that inventory procedures, processes and systems, including both performance and review, continued to be identified as a reportable condition at Dec. 28, 2003.
The Monday filing includes a letter from Deloitte & Touche responding to an April 2 Foamex filing notifying the SEC of the accountant change.
Deloitte & Touche said its statement about the reportable conditions in 2003 is in response to Foamex's statement in the April 2 filing that during 2003, Foamex implemented certain improved inventory procedures and processes at each of its facilities and is taking appropriate actions to ensure effectiveness.
In the April 2 filing, Foamex said Deloitte & Touche found reportable events in connection with its audit of the financial statements for 2002, 2003 and the interim period ended March 26.
Foamex International has named KPMG LLP as its new accountant.
