Why did Newmont Mining change its independent auditor?

The filing states that the Board of Directors, upon recommendation of the Audit Committee, approved the dismissal of Arthur Andersen LLP. However, it explicitly clarifies that there were no disagreements on accounting principles, financial statement disclosures, or auditing procedures that would have necessitated such a reference.

Were there any issues with Arthur Andersen's audit of Newmont's financial statements?

No. The filing clearly states that Arthur Andersen's reports on Newmont's financial statements for the fiscal years ended December 31, 2001, and December 31, 2000, did not contain any adverse opinions, disclaimers of opinion, or qualified/modified opinions. Furthermore, no 'reportable events' occurred during their engagement.

What is the significance of appointing PricewaterhouseCoopers LLP?

The appointment of PricewaterhouseCoopers LLP signifies a change in the external oversight of Newmont's financial reporting. This is a standard corporate governance practice and often follows the dismissal of a previous auditor. The filing also notes that there were no prior consultations with PricewaterhouseCoopers on sensitive matters, which is a detail often included to assure the market of a clean transition.

What is the effective date of the auditor change?

The dismissal of Arthur Andersen LLP and the appointment of PricewaterhouseCoopers LLP are both effective as of May 23, 2002.

NEM/NEMCL 8-K SEC Disclosure

Summary

This 8-K/A filing from Newmont Mining Corporation (NEM) announces a significant change in its independent auditors. Effective May 23, 2002, the company has dismissed Arthur Andersen LLP and appointed PricewaterhouseCoopers LLP as its new independent auditor for fiscal year 2002. This change in auditors, particularly following the period of Andersen's auditing of Newmont's financial statements for fiscal years 2001 and 2000, is a key event for investors. The filing explicitly states there were no disagreements with Arthur Andersen on any accounting principles, financial statement disclosures, or auditing procedures. Furthermore, no 'reportable events' occurred during Andersen's engagement. The company also confirms no prior consultations with PricewaterhouseCoopers LLP on matters that would trigger disclosure requirements.

Key Highlights

1Newmont Mining Corporation has dismissed Arthur Andersen LLP as its independent auditor, effective May 23, 2002.
2PricewaterhouseCoopers LLP has been appointed as the new independent auditor for fiscal year 2002.
3Arthur Andersen served as the auditor for the fiscal years ended December 31, 2001, and December 31, 2000.
4There were no disagreements with Arthur Andersen on accounting principles, financial statement disclosures, or auditing procedures.
5No 'reportable events' occurred during Arthur Andersen's engagement as the company's auditor.
6Newmont Mining Corporation did not consult with PricewaterhouseCoopers LLP prior to their appointment on any relevant accounting or auditing matters.
7Exhibit 16.1 includes a letter from Arthur Andersen confirming their agreement with the statements made in this filing.

NEWMONT Corp /DE/ 8-K/A Report (Jun 4, 2002)

Summary

Key Highlights

Frequently Asked Questions