Summary
This 8-K filing from ONEOK, Inc. (OKE) announces a significant change in its independent registered public accounting firm. Effective May 2, 2007, the company has dismissed KPMG LLP and engaged PricewaterhouseCoopers LLP as its new principal accountants. This change follows the recommendation and approval of ONEOK's Audit Committee. The filing details that the audit reports from KPMG LLP for the years ended December 31, 2006, and 2005, did not contain adverse opinions or disclaimers. However, KPMG's report for December 31, 2005, did indicate a material weakness in internal control over financial reporting related to the accounting for derivative hedging instruments and software used for these purposes. This material weakness resulted in identified misstatements. The company confirms there were no disagreements with KPMG LLP on accounting principles or financial statement disclosures during the relevant periods.
Key Highlights
- 1ONEOK, Inc. has changed its principal independent registered public accounting firm.
- 2KPMG LLP has been dismissed as the company's auditor, effective May 2, 2007.
- 3PricewaterhouseCoopers LLP has been engaged as the new independent registered public accounting firm.
- 4The dismissal of KPMG follows a recommendation and approval by ONEOK's Audit Committee.
- 5KPMG's audit reports for 2005 and 2006 did not contain adverse opinions or disclaimers.
- 6A material weakness in internal control over financial reporting for the period ending December 31, 2005, related to derivative hedging accounting was noted by KPMG.
- 7There were no disagreements with KPMG LLP on accounting principles, financial statement disclosure, or auditing scope and procedures.