8-KOther Events

GLOBAL PAYMENTS INC 8-K Report (May 7, 2002)

Filed May 7, 2002For Securities:GPN

Summary

Global Payments Inc. (GPN) has filed a Form 8-K reporting a significant change in its independent auditors. Effective May 2, 2002, the company's Board of Directors, upon the recommendation of its Audit Committee, decided to dismiss Arthur Andersen LLP as its independent public accountants. Concurrently, the company has engaged Deloitte & Touche LLP to serve as its independent auditor for the remainder of the fiscal year ending May 31, 2002, and onwards. This change in auditors is a key event for investors to note, particularly given the prevailing environment for accounting firms at the time. The filing explicitly states there were no disagreements or reportable events with Arthur Andersen during the past two fiscal years and up to the date of this filing. The company also confirmed no prior consultations with Deloitte & Touche LLP regarding accounting principles or audit opinions. This report is primarily informational, detailing the auditor transition and confirming no underlying accounting issues with the outgoing auditor.

Key Highlights

  • 1Global Payments Inc. is changing its independent auditor.
  • 2Arthur Andersen LLP has been dismissed as the company's auditor.
  • 3Deloitte & Touche LLP has been appointed as the new independent auditor.
  • 4The auditor change is effective May 2, 2002.
  • 5The new auditor will serve for the remainder of the fiscal year ending May 31, 2002, and beyond.
  • 6The company states there were no disagreements with Arthur Andersen on accounting principles or financial disclosures.
  • 7No reportable events requiring specific disclosure occurred with the former auditor.

Frequently Asked Questions

Global Payments Inc. is changing its independent auditor from Arthur Andersen LLP to Deloitte & Touche LLP as a decision made by its Board of Directors, upon recommendation from its Audit Committee, effective May 2, 2002.

No, the filing explicitly states that there were no disagreements with Arthur Andersen on any matter of accounting principles, practices, financial statement disclosure, or auditing scope or procedure during the past two fiscal years and up to the date of the filing.

No, the company states that it did not consult with Deloitte & Touche LLP with respect to the application of accounting principles to a specified transaction, the type of audit opinion, or any other reportable events prior to this engagement.

The change in independent auditors is effective May 2, 2002.