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  "docSlug": "954987ce0454",
  "documentTitle": "Mettler-Toledo International, Inc. (MTD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-24 00:00:00",
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  "pageNumber": 26,
  "pageCount": 136,
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  "notes": "The slide uses a table to demonstrate a pattern of hiring from the auditor, suggesting a lack of independence.",
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      "text": "Every CFO in MTD's public history has worked at its auditor PwC. PwC has been its auditor since 1999 when KPMG was replaced. In addition, MTD has had the same Treasurer since 1998 and its current Head of Internal Audit worked at PwC for over 13 years.",
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      "kind": "paragraph",
      "text": "Every CFO in MTD's public history has worked at its auditor PwC. PwC has been its auditor since 1999 when KPMG was replaced. In addition, MTD has had the same Treasurer since 1998 and its current Head of Internal Audit worked at PwC for over 13 years. Best practices dictate rotation of employees in key financial positions. Investors should be extremely concerned by the closeness of management with the auditor. When PwC took control, we note Mettler stopped disclosing interest income, making it difficult for investors to sanity check cash management.",
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      "text": "Table showing Mettler CFOs, dates, and biographies highlighting PwC connections.",
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      "text": "MTD's Incestuous Relationship With PwC",
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      "arcName": "Overcoming the Monster",
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