Letters To The Editor: Setting The Record Straight On ORCC, Auditor
The article that appeared on the Credit Union Journal online regarding the resignation of Ernst & Young as Online Resources' accountant was incorrect. There were no disagreements between the companies, as clearly stated in our SEC 8K Filing.
During the two most recent fiscal years and through March 19, 2007, there were no disagreements with E&Y on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of E&Y, would have caused E&Y to make reference to the disagreements in connection with its reports on the Company's financial statements for such years.
There were "reportable events," a term defined by the regulators that we are required to identify in the 8K as items of note that occurred over the past two years. Those, of course, were references to restatements that we made public when they occurred. They are not the reasons for the resignation.
Beth Halloran, Managing Director
Online Resources Corp., Chantilly, Va.