8-KOther Events

ABBOTT LABORATORIES 8-K Report (Mar 21, 2002)

Filed March 21, 2002For Securities:ABT

Summary

Abbott Laboratories (ABT) announced a significant change in its auditing firm via an 8-K filing on March 20, 2002. The company's Board of Directors, following the recommendation of its Audit Committee, decided to dismiss Arthur Andersen LLP as its independent public accounting firm. This decision was made on March 15, 2002, with a new auditor yet to be engaged. Importantly, the filing states that there were no disagreements regarding accounting principles, financial statement disclosures, or auditing procedures between Abbott and Arthur Andersen during the years 2000, 2001, and up to the date of the filing. Andersen's past audit reports on Abbott's financial statements were unqualified. The company has provided Andersen with a copy of these statements, and Arthur Andersen has provided a letter confirming their agreement with the disclosures made.

Key Highlights

  • 1Abbott Laboratories is changing its independent auditor, dismissing Arthur Andersen LLP.
  • 2The decision was made by the Board of Directors based on the Audit Committee's recommendation.
  • 3A new independent auditor has not yet been selected.
  • 4There were no disagreements with Arthur Andersen on any accounting principles, financial disclosures, or auditing procedures.
  • 5Arthur Andersen's previous audit reports for fiscal years 2000 and 2001 were unqualified.
  • 6Arthur Andersen has confirmed its agreement with Abbott's disclosures regarding the auditor change.

Frequently Asked Questions

The 8-K filing states that the Board of Directors, upon the recommendation of its Audit Committee, decided to replace Arthur Andersen LLP. While the specific underlying reasons for the change are not detailed beyond this, the lack of disagreements suggests it is not due to unresolved audit issues.

No, the filing explicitly states that a new independent public accounting firm has not yet been engaged to serve as Abbott's auditors at the time of this filing.

No, the filing clearly indicates that there were no disagreements with Arthur Andersen on any matters of accounting principles, practices, financial statement disclosure, or auditing scope or procedure.

Arthur Andersen's reports on Abbott's consolidated financial statements for the years ending December 31, 2001, and 2000, did not contain any adverse opinions, disclaimers of opinion, or modifications as to uncertainty, audit scope, or accounting principles. They were unqualified.