Summary
This 8-K filing from The Hartford Financial Services Group, Inc. (HIG) on March 26, 2002, announces a significant change in the company's independent auditor. The Board of Directors has decided not to recommend the continued engagement of Arthur Andersen LLP after Arthur Andersen completes its review of the first quarter 2002 financial statements. This decision comes as the company's Audit Committee is in the process of conducting a Request for Proposal (RFP) to select a new auditor, with a formal appointment expected in the second quarter of 2002. Importantly, the filing clarifies that this auditor change is not due to any disagreements on accounting principles, financial statement disclosures, or auditing procedures. Arthur Andersen's past audit reports for 2001 and 2000 were unqualified. As a consequence of this decision, the company has withdrawn the proposal to ratify Arthur Andersen's appointment as auditor for fiscal year 2002 from the upcoming annual shareholders' meeting.
Key Highlights
- 1The Hartford Financial Services Group, Inc. is changing its independent auditor, replacing Arthur Andersen LLP.
- 2Arthur Andersen's engagement will conclude after their review of the company's Q1 2002 financial statements.
- 3A formal search for a new auditor is underway, with an appointment expected in Q2 2002.
- 4There were no disagreements between The Hartford and Arthur Andersen regarding accounting principles or disclosures.
- 5Arthur Andersen's previous audit reports for fiscal years 2000 and 2001 were unqualified.
- 6The proposal to retain Arthur Andersen for fiscal year 2002 has been withdrawn from the shareholder meeting agenda.