Summary
Microchip Technology Incorporated (MCHP) filed a Form 8-K on May 22, 2001, to report a significant change in its independent auditor. The company announced its decision not to renew the engagement with KPMG LLP, its auditor for the fiscal years 1993 through 2001. This decision was made following a recommendation from the Audit Committee and approval from the Board of Directors, and it was officially communicated to KPMG LLP on May 16, 2001. Importantly, Microchip stated that this change was not due to any disagreements or accounting issues with KPMG LLP. The outgoing auditor has also confirmed that there were no disputes or reportable events concerning the company's financial statements for the fiscal years ended March 31, 2001 and 2000, or the interim period beginning April 1, 2001. The company is currently in the process of evaluating and selecting new independent auditors.
Key Highlights
- 1Microchip Technology Inc. is changing its independent auditor, not renewing its contract with KPMG LLP.
- 2The decision was made by the Audit Committee and approved by the Board of Directors.
- 3Notification of the decision to KPMG LLP was made on May 16, 2001.
- 4The change in auditor is not a result of any accounting disagreements or disputes with KPMG LLP.
- 5KPMG LLP has concurred with the company's statements regarding the absence of disagreements.
- 6The company is currently evaluating potential new accounting firms for its audit.
- 7This filing is an 8-K report, indicating a material event for the company.