8-K/AOther Events

ABBOTT LABORATORIES 8-K/A Report (May 2, 2002)

Filed May 2, 2002For Securities:ABT

Summary

This filing is an amendment to a previous 8-K report by Abbott Laboratories (ABT), specifically addressing the change in its certifying accountant. The primary disclosure is the dismissal of Arthur Andersen LLP as Abbott's independent auditors, effective upon the filing of Abbott's quarterly report for the period ending March 31, 2002, which was filed on May 2, 2002. This change occurs during a period of significant scrutiny for Arthur Andersen due to its role in the Enron scandal. Importantly, the filing states that the dismissal was not due to any disagreements with Arthur Andersen on accounting principles, financial statement disclosures, or auditing procedures. Arthur Andersen's reports on Abbott's financial statements for the years 2000 and 2001 did not contain any adverse opinions or qualifications. This suggests a routine change in auditors rather than a departure prompted by accounting irregularities at Abbott.

Key Highlights

  • 1Abbott Laboratories has officially dismissed Arthur Andersen LLP as its independent auditors.
  • 2The dismissal was made effective upon the filing of Abbott's Form 10-Q for the quarter ending March 31, 2002, which occurred on May 2, 2002.
  • 3There were no disagreements between Abbott and Arthur Andersen regarding accounting principles, financial statement disclosures, or auditing procedures.
  • 4Arthur Andersen's audit reports for fiscal years 2000 and 2001 contained no adverse opinions or qualifications.
  • 5The company has provided Arthur Andersen with a copy of the statements regarding the auditor change, and Arthur Andersen has agreed with these statements.
  • 6This filing is an amendment (Amendment No. 2) to a prior 8-K report, indicating a follow-up or correction to an earlier disclosure.

Frequently Asked Questions

Abbott Laboratories dismissed Arthur Andersen LLP as its independent auditors. The filing explicitly states there were no disagreements on any matters of accounting principles, financial statement disclosure, or auditing scope or procedure. The dismissal became effective upon the filing of Abbott's quarterly report on Form 10-Q for the period ending March 31, 2002, which was filed on May 2, 2002.

No, the filing clearly states that there were no disagreements with Arthur Andersen on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure. Furthermore, Arthur Andersen's previous audit reports for Abbott's consolidated financial statements for the years ending December 31, 2001, and 2000, did not contain any adverse opinions or disclaimers, nor were they qualified or modified.

Arthur Andersen LLP was dismissed as Abbott's auditors upon the later of the engagement of a new independent public accounting firm or the filing of Abbott's quarterly report on Securities and Exchange Commission Form 10-Q for the period ending March 31, 2002. This quarterly report was filed on May 2, 2002, making that the effective date of dismissal.

This filing is an Amendment No. 2 to a Form 8-K. This means it is an update or correction to a previously filed report concerning the change in Abbott's certifying accountant.