8-K/AOther Events

FEDEX CORP 8-K/A Report (Apr 12, 2002)

Filed April 12, 2002For Securities:FDX

Summary

This filing is an amendment (8-K/A) to a previous report by FedEx Corporation (FDX) and its subsidiary Federal Express Corporation, dated March 11, 2002. The primary purpose of this amendment is to formally report the change in the company's independent auditors. FedEx Corporation and FedEx Express officially dismissed Arthur Andersen LLP as their independent auditors and engaged Ernst & Young LLP, effective April 12, 2002. This change followed Arthur Andersen's completion of its review report on the financial statements for the fiscal quarter ended February 28, 2002. This transition occurred after FedEx's Board of Directors, on the recommendation of its Audit Committee, approved the decision to seek new auditors. The filing emphasizes that there were no disagreements or reportable events between FedEx and Arthur Andersen that would have impacted the latter's audit reports. Ernst & Young LLP is slated to audit FedEx for the fiscal year ending May 31, 2002. Investors should note that this event pertains to auditor rotation and not to any specific financial performance issues disclosed in this amendment.

Key Highlights

  • 1FedEx Corporation and Federal Express Corporation have officially changed their independent auditors.
  • 2Arthur Andersen LLP has been dismissed as the independent auditor.
  • 3Ernst & Young LLP has been engaged as the new independent auditor.
  • 4The change in auditors became effective on April 12, 2002.
  • 5This change follows the completion of Arthur Andersen's review report for the fiscal quarter ended February 28, 2002.
  • 6The decision to change auditors was approved by the FedEx Board of Directors upon the recommendation of its Audit Committee.
  • 7There were no disagreements between FedEx and Arthur Andersen on accounting principles, financial statement disclosures, or auditing procedures.

Frequently Asked Questions

FedEx Corporation and its subsidiary, Federal Express Corporation, decided to seek proposals from independent accountants and subsequently engaged Ernst & Young LLP as their new independent auditors. This decision was approved by the Board of Directors upon the recommendation of its Audit Committee.

The change in auditors became effective on April 12, 2002, following the completion of Arthur Andersen's review report on the financial statements for the fiscal quarter ended February 28, 2002.

No, the filing explicitly states that there were no disagreements between FedEx or FedEx Express and Arthur Andersen on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.

Ernst & Young LLP has been engaged to audit the financial statements of FedEx Corporation and Federal Express Corporation for the fiscal year ending May 31, 2002.