8-K/AOther Events

CARNIVAL CORP 8-K/A Report (Apr 29, 2003)

Filed April 29, 2003For Securities:CCL

Summary

This 8-K/A filing from Carnival Corporation and Carnival plc provides an amendment to a previous report, primarily detailing a change in their independent public accountants. Specifically, it confirms the resignation of KPMG Audit Plc as the independent accountants for Carnival plc, effective April 17, 2003. The report clarifies that KPMG's audit reports for fiscal years 2001 and 2002 did not contain any adverse opinions or disclaimers, though they noted differences between UK GAAP and US GAAP and a restatement due to the adoption of FRS 19 Deferred Tax. Importantly, there were no disagreements on accounting principles, disclosures, or auditing procedures that would have caused KPMG to qualify their reports. This filing also announces the engagement of PricewaterhouseCoopers LLP as Carnival plc's new independent accountants, subject to shareholder approval, with the decision made by the audit committee.

Key Highlights

  • 1Carnival plc has changed its independent public accountants, with KPMG Audit Plc resigning on April 17, 2003.
  • 2KPMG's audit reports for FY2001 and FY2002 had no adverse opinions or disclaimers, but noted differences between UK GAAP and US GAAP.
  • 3A restatement of financial statements occurred due to the adoption of FRS 19 Deferred Tax.
  • 4There were no disagreements between Carnival plc and KPMG on accounting principles, disclosures, or auditing procedures.
  • 5PricewaterhouseCoopers LLP has been engaged as Carnival plc's new independent accountants, pending shareholder approval.
  • 6The engagement of PricewaterhouseCoopers LLP was approved by Carnival plc's audit committee.
  • 7This filing is an amendment (8-K/A) to a previous report filed on April 17, 2003.

Frequently Asked Questions

The filing does not explicitly state the reason for the change, only that KPMG Audit Plc resigned as the independent accountants for Carnival plc. Such changes are common in corporate governance and can be due to various factors, including routine rotation, differing opinions on audit matters, or strategic decisions by the company's audit committee.

No, the filing explicitly states that there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures during the fiscal years ended December 31, 2001, and December 31, 2002, and the subsequent interim period through April 17, 2003. This suggests the change was not due to unresolved disputes.

This highlights that Carnival plc's financial statements were prepared under UK Generally Accepted Accounting Principles (GAAP). The auditor's reports noted that applying US GAAP would have resulted in different reported figures for operations and shareholders' funds. The mention of FRS 19 Deferred Tax indicates a change in accounting standards related to deferred taxes which required a restatement of prior period financial statements.

PricewaterhouseCoopers LLP has been engaged to serve as Carnival plc's independent public accountants for the fiscal year ending November 30, 2003. However, this engagement is subject to shareholder approval.