Summary
This Form 8-K filing by Microchip Technology Incorporated (MCHP) on June 7, 2001, announces a significant change in its independent auditors. The company has officially engaged Ernst & Young LLP to serve as its auditors for the upcoming fiscal year ending March 31, 2002. This change follows the non-renewal of the engagement with their long-time auditors, KPMG LLP, who had served Microchip for the past nine fiscal years (March 31, 1993, through March 31, 2001). The decision to switch auditors was recommended by the Audit Committee and approved by the Board of Directors. Investors should note that Microchip did not consult with Ernst & Young regarding specific audit matters prior to this engagement.
Key Highlights
- 1Microchip Technology Inc. has appointed Ernst & Young LLP as its new independent auditors for the fiscal year ending March 31, 2002.
- 2This appointment follows the company's decision not to renew its engagement with KPMG LLP.
- 3KPMG LLP had served as Microchip's independent auditors for nine consecutive fiscal years, from FY1993 through FY2001.
- 4The decision to change auditors was made by the company's Audit Committee and approved by the Board of Directors.
- 5Microchip did not seek advice from Ernst & Young on specific audit issues before their engagement.
Frequently Asked Questions
Microchip Technology Inc. decided not to renew its engagement with its previous auditors, KPMG LLP, who had served them for nine years. They have now engaged Ernst & Young LLP for the upcoming fiscal year.
The decision to engage Ernst & Young LLP was recommended by Microchip's Audit Committee and approved by its Board of Directors.
No, Microchip Technology Inc. stated that they did not seek the advice of Ernst & Young LLP on specific audit issues related to their consolidated financial statements prior to their engagement.
KPMG LLP had served as Microchip's independent auditors for nine fiscal years, covering the period from March 31, 1993, through March 31, 2001.