Milford, Ohio-based Structural Dynamics Research Corp is in deep trouble – it already warned that it would restate its figures, and now its independent accountants, KPMG Peat Marwick LLP have resigned as its auditors and withdrawn the audit certifications for the 1991, 1992 and 1993 financial statements: the accountants questioned their ability to rely on management’s representations and said their ability to conduct an examination in accordance with generally accepted auditing standards had been impaired: new auditors are being sought, but these things take a toll on a company and the only gleam of light for the supplier of mechanical design automation software and engineering services company is that it has cash and short term investments of over $50m and no long-term debt.
