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OVERLAND PARK, Kan.-Sprint Corp. said the audit committee of its board of directors will conduct a review and evaluation of outside auditors for its fiscal year 2004 audit. The telecommunications provider noted it has invited the four major accounting firms to participate in the review process, and it expects the audit to take approximately 90 days.
Sprint’s current auditor Ernst & Young came under fire earlier this year from investors after it was learned the firm set up tax shelters for Sprint executives that allowed them to save millions of dollars on stock compensation packages. At Sprint’s annual shareholders meeting, approximately 38 percent of the company’s shareholders voted against the appointment of Ernst & Young.
