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Daily Journal Corporation

Charles Munger's Daily Journal dismisses Ernst & Young after dispute

Daily Journal Corp., the California publisher that counts billionaire Charles Munger as chairman, dismissed Ernst & Young after the auditor faulted the company's accounting.

Daily Journal expects to hire a new accounting firm "within the coming days," the Los Angeles company said Thursday in a regulatory filing.

Ernst & Young determined that there were flaws in the publisher's accounting for acquisitions and deferred tax provisions, Daily Journal said Tuesday in its report for the fiscal year that ended Sept. 30. The document had been delayed amid a review of internal controls over financial reporting. Daily Journal has also postponed the filing of two...

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