Summary
Cummins Inc. (CMI) has announced a change in its independent registered public accounting firm through an 8-K filing dated April 3, 2002. The company's Board of Directors, upon the recommendation of its Audit Committee, has decided to dismiss Arthur Andersen LLP (Andersen) and appoint PricewaterhouseCoopers LLP (PwC) as its new independent accountants for the fiscal year 2002. This change comes after Andersen's audits of the company's financial statements for the fiscal years ended December 31, 2001 and 2000. Importantly, the filing states there were no disagreements with Andersen on any accounting principles, financial statement disclosures, or auditing procedures during the relevant periods. Furthermore, there were no reportable events that would have required Andersen to qualify its audit reports. The company has notified Andersen of these disclosures and has received their agreement, as evidenced by an attached exhibit.
Key Highlights
- 1Cummins Inc. is changing its independent auditor from Arthur Andersen LLP to PricewaterhouseCoopers LLP for fiscal year 2002.
- 2The decision was made by the Board of Directors based on a recommendation from the Audit Committee.
- 3The change is effective as of April 1, 2002.
- 4Arthur Andersen's reports on Cummins' 2001 and 2000 financial statements did not contain adverse opinions or qualifications.
- 5There were no disagreements with Arthur Andersen regarding accounting principles, financial disclosures, or auditing procedures.
- 6No reportable events, as defined by SEC regulations, occurred during the relevant periods that would have necessitated Andersen referencing them in their audit reports.