Summary
This 8-K/A filing from Cummins Inc. (CMI) announces a change in the independent public accountants for the company's retirement and savings plans. Effective May 28, 2002, Cummins has dismissed Arthur Andersen LLP ('Andersen') and engaged Deloitte & Touche LLP as the new independent accountants for the plans for the fiscal year 2001. This change applies specifically to the Cummins Engine Company, Inc. and Affiliates Retirement and Savings Plans, not the consolidated financial statements of the parent company. Importantly, the filing states there were no disagreements with Andersen on any accounting principles, financial statement disclosures, or auditing matters during the relevant periods. Furthermore, there were no reportable events that would necessitate a specific disclosure. The company notes that due to the termination of Andersen's entire audit team for the plan, they were unable to obtain Andersen's explicit agreement on the disclosures provided to them. Investors should note this is a change for the employee benefit plans and not a change in auditors for the main corporate financial statements.
Key Highlights
- 1Cummins Inc. has changed independent accountants for its retirement and savings plans.
- 2Arthur Andersen LLP has been dismissed as the auditor for these plans.
- 3Deloitte & Touche LLP has been appointed as the new auditor for the plans, effective for fiscal year 2001.
- 4The change in auditors pertains specifically to the Cummins Engine Company, Inc. and Affiliates Retirement and Savings Plans.
- 5There were no disagreements with Arthur Andersen LLP regarding accounting principles, disclosures, or audit procedures during the relevant periods.
- 6No reportable events (as defined by Regulation S-K) occurred that would require specific disclosure.
- 7The company was unable to obtain Andersen's agreement on the disclosures due to the termination of Andersen's audit team for the plan.