8-KOther Events

CARPENTER TECHNOLOGY CORP 8-K Report (Feb 17, 2004)

Filed February 17, 2004For Securities:CRS

Summary

Carpenter Technology Corporation (CRS) filed an 8-K report on February 17, 2004, to disclose a change in their certifying accountant specifically for the Savings Plan of Carpenter Technology Corporation. Effective February 10, 2004, the company dismissed PricewaterhouseCoopers LLP as the independent accountants for the Savings Plan. It is important to note that PricewaterhouseCoopers LLP will continue to serve as the principal accountant for the audit of Carpenter's overall financial statements, and no disagreements or reportable events occurred with them concerning the Savings Plan's financial statements for the past two fiscal years. The company has engaged Beard Miller Company LLP to audit the Savings Plan's financial statements for the fiscal year ended December 31, 2003. This change in auditor for the Savings Plan was approved by the Audit Committee of the Board of Directors. The filing specifies that Beard Miller Company LLP had no prior consultations with the company on accounting or auditing matters related to the Savings Plan prior to this engagement.

Key Highlights

  • 1Change in Certifying Accountant for the Savings Plan: PricewaterhouseCoopers LLP dismissed as auditor for the Savings Plan.
  • 2PricewaterhouseCoopers LLP Continues as Principal Accountant: The firm will still audit Carpenter's main financial statements.
  • 3No Disagreements with Former Auditor: The dismissal of PricewaterhouseCoopers LLP for the Savings Plan involved no accounting or auditing disputes.
  • 4New Auditor Engaged: Beard Miller Company LLP appointed to audit the Savings Plan's financial statements for FY 2003.
  • 5Audit Committee Approval: The engagement of Beard Miller Company LLP was approved by the company's Audit Committee.
  • 6No Prior Consultations with New Auditor: Beard Miller Company LLP had not consulted with Carpenter on Savings Plan accounting or auditing matters prior to this engagement.
  • 7Disclosure to Former Auditor: PricewaterhouseCoopers LLP was provided with the disclosures and confirmed agreement.

Frequently Asked Questions

The 8-K filing indicates a change in the independent accountants for the Savings Plan of Carpenter Technology Corporation. PricewaterhouseCoopers LLP was dismissed as the auditor for the Savings Plan, and Beard Miller Company LLP has been engaged for this role. The filing does not specify a reason beyond this change, but importantly states there were no disagreements with the outgoing auditor.

No, the filing explicitly states that PricewaterhouseCoopers LLP will continue to act as the principal accountant to audit Carpenter's overall financial statements. This change in auditor is specific to the Savings Plan.

No, the filing clearly states that there were no disagreements between Carpenter and PricewaterhouseCoopers LLP on any matters of accounting principles, practices, financial statement disclosure, or auditing scope or procedure during the relevant periods. The dismissal was not due to any disputes.

Beard Miller Company LLP has been engaged specifically to audit the Savings Plan's financial statements as of and for the Savings Plan's fiscal year ended December 31, 2003. This engagement is limited to the Savings Plan and does not involve consultation on Carpenter's main corporate financial statements.