8-KOther Events

Air Products & Chemicals, Inc. 8-K Report (Jun 4, 2002)

Filed June 4, 2002For Securities:APD

Summary

Air Products & Chemicals, Inc. (APD) has filed an 8-K to report a change in its independent accountants for its Retirement Savings and Stock Ownership Plan (RSSOP). The Employee Benefit Plans Committee decided not to re-engage Arthur Andersen LLP and has appointed KPMG LLP as the new independent accountants for the plan year ending September 30, 2002. This change is routine and does not appear to stem from any disagreements or issues with Arthur Andersen's past audits of the RSSOP's financial statements. The filing explicitly states that there were no adverse opinions, disclaimers, qualifications, or modifications in Andersen's reports for the past two years. Furthermore, there were no disagreements on accounting principles, financial statement disclosures, or auditing procedures that would have led to Andersen referencing such issues in its reports. APD has confirmed these statements with Arthur Andersen, whose agreement is attached as an exhibit.

Key Highlights

  • 1Change in independent auditor for Air Products' Retirement Savings and Stock Ownership Plan (RSSOP).
  • 2Arthur Andersen LLP has been replaced by KPMG LLP as the RSSOP's independent accountant.
  • 3The change is for the plan year ending September 30, 2002.
  • 4The decision was made by the Employee Benefit Plans Committee.
  • 5No adverse opinions, disclaimers, or qualifications were present in Arthur Andersen's prior audit reports for the RSSOP.
  • 6No disagreements with Arthur Andersen on accounting principles, disclosures, or auditing procedures.
  • 7Arthur Andersen has confirmed the company's statements regarding the auditor change.

Frequently Asked Questions

The filing indicates that the change is a decision made annually by the Employee Benefit Plans Committee and does not suggest any performance issues with the previous auditor, Arthur Andersen LLP. It appears to be a standard rotation or committee decision.

No, the filing explicitly states that Arthur Andersen's audit reports for the RSSOP's financial statements for the past two years contained no adverse opinions, disclaimers of opinion, or qualifications. Additionally, there were no disagreements on accounting principles, financial statement disclosures, or auditing procedures.

This change specifically pertains to the independent auditors for the Air Products Retirement Savings and Stock Ownership Plan (RSSOP), not for the company's consolidated financial statements.

The filing states that Air Products did not consult with KPMG LLP on any accounting principles, proposed transactions, or audit opinion matters during the two most recent plan years or up to the date of the filing.