8-K/AOther Events

EQUIFAX INC 8-K/A Report (Apr 9, 2002)

Filed April 9, 2002For Securities:EFX

Summary

Equifax Inc. (EFX) filed an amendment to its Form 8-K on April 9, 2002, to clarify a significant change in its independent auditors. The amendment specifies that the company's Board of Directors, on the recommendation of its Audit Committee, formally dismissed Arthur Andersen LLP as its independent accountants on March 28, 2002. This filing also announces the engagement of Ernst & Young LLP to serve as the company's independent auditors for fiscal year 2002, effective immediately. The report emphasizes that the dismissal of Arthur Andersen was not due to any disagreements on accounting principles, financial statement disclosures, or auditing procedures. Arthur Andersen's reports for 2001 and 2000 were unqualified. This proactive clarification aims to ensure transparency for investors regarding the change in audit firms, particularly in light of broader industry events involving Arthur Andersen at the time.

Key Highlights

  • 1Equifax Inc. formally dismissed Arthur Andersen LLP as its independent accountants on March 28, 2002.
  • 2Ernst & Young LLP has been engaged as the new independent accountants for fiscal year 2002.
  • 3The dismissal of Arthur Andersen was not prompted by any disagreements on accounting principles, disclosures, or auditing procedures.
  • 4Arthur Andersen's audit reports for fiscal years 2000 and 2001 were unqualified.
  • 5The company's Audit Committee recommended the change in auditors.
  • 6Both Arthur Andersen and Ernst & Young representatives are expected to be available to answer questions at the upcoming annual shareholder meeting on May 1, 2002.

Frequently Asked Questions

Equifax's Board of Directors, upon the recommendation of its Audit Committee, dismissed Arthur Andersen and engaged Ernst & Young. The filing explicitly states that this decision was not a result of any disagreements concerning accounting principles, financial statement disclosures, or auditing procedures. The change was effective immediately on March 28, 2002.

No, the filing indicates there were no disagreements with Arthur Andersen on any matter of accounting principle or practice, financial statement disclosure, or auditing scope or procedure for the years ended December 31, 2001, and 2000, nor through the date of the report. Arthur Andersen's reports for those years did not contain adverse opinions, disclaimers, or qualifications.

According to the filing, Equifax did not consult with Ernst & Young regarding the application of accounting principles to specific transactions, the type of audit opinion that might be rendered, or any other reportable events prior to their engagement as the new independent accountants.

Yes, representatives from both Arthur Andersen and Ernst & Young are expected to be present at Equifax's annual meeting of shareholders on May 1, 2002. They will have the opportunity to make statements and will be available to answer questions.