Auditor withdraws report on Madison Newspapers, Inc.

The St. Louis Business Journal reports this morning

Lee Enterprises Inc. has hired KPMG to perform audit work on its Madison Newspapers Inc. subsidiary after McGladrey, its former auditor, said reliance should not be placed on its reports.

Lee received a letter from McGladrey on Sept. 13 withdrawing its audit reports for the MNI subsidiary, stating that its independence was impaired, according to a filing with the Securities and Exchange Commission. McGladrey stated reliance should not be placed on its reports on MNI for the fiscal years ending in September in 2009, 2010, 2011 and 2012.

What does “impaired independence” mean in the language of auditors and audits? We don’t know. We await more info.