Morningstar switches accounting firms

By Reuters
Posted Feb. 28 at 5:24 p.m.

Morningstar Inc., a leading fund and investment research firm, switched accounting firms, according to a securities filing on Monday.

Chicago-based Morningstar said it dismissed Ernst & Young LLP and hired KPMG LLP effective on Feb. 28, 2011.

Morningstar did not offer an explanation for the change.

But Morningstar said it had no disagreements with Ernst & Young over “any matter of accounting principle or practice, financial statement disclosure, or auditing scope or procedure” that it would have been required to disclose in its annual report.

Shares of Morningstar closed down 1 penny at $58.68 on the Nasdaq. The shares have gained 33 percent over the past year.

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