Summary
Colgate-Palmolive Company (CL) filed an 8-K on May 17, 2002, to announce a significant change in its independent auditor. Following a review prompted by recent events involving Arthur Andersen LLP, the Company's Board of Directors, upon the recommendation of its Audit Committee, has officially replaced Arthur Andersen with PricewaterhouseCoopers LLP. This change is effective for the fiscal year ending December 31, 2002. This transition comes after a thorough review process initiated earlier in the year, as disclosed in the Company's prior proxy statement. Importantly, the filing states there were no disagreements with Arthur Andersen regarding accounting principles, financial statement disclosures, or auditing procedures during the past two fiscal years. This proactive approach by the Board and Audit Committee aims to ensure continued confidence in the integrity of the Company's financial reporting.
Key Highlights
- 1Colgate-Palmolive Company is changing its independent public accountants, replacing Arthur Andersen LLP with PricewaterhouseCoopers LLP.
- 2The change is effective for the fiscal year ending December 31, 2002.
- 3The decision was made by the Board of Directors upon the recommendation of the Audit Committee.
- 4The review process for a new auditor was initiated due to recent events involving Arthur Andersen.
- 5There were no disagreements with Arthur Andersen on any accounting principles, financial statement disclosures, or auditing matters in the past two fiscal years.
- 6Arthur Andersen's reports on Colgate-Palmolive's financial statements for the last two years did not contain adverse opinions or disclaimers.
- 7The Company has provided Arthur Andersen with the disclosure statement, and Arthur Andersen has agreed with its accuracy.