When was the decision to engage Deloitte & Touche made?

The Audit Committee of Parker-Hannifin's Board of Directors initially approved the appointment of Deloitte & Touche on April 17, 2007. The formal engagement was completed on June 28, 2007, after Deloitte & Touche finished certain non-audit assignments for the company.

Were there any issues or disagreements with the previous auditor?

The filing explicitly states that during the fiscal years ended June 30, 2006 and 2005, and the interim period up to June 28, 2007, Parker-Hannifin did not consult with Deloitte & Touche regarding any accounting principles, proposed transactions, or potential audit opinions that were considered important in reaching a decision. Furthermore, there were no disagreements or reportable events as defined by SEC regulations.

What does this change in auditor mean for investors?

For investors, this announcement primarily signifies a change in the company's oversight of financial reporting. The process described appears to be a standard and well-documented transition to a new auditor, with no indications of underlying accounting issues or disputes. It suggests a commitment to robust financial auditing practices.

PH 8-K: Financial Events

Q: Why is Parker-Hannifin changing its auditor?

Parker-Hannifin Corporation is formally engaging Deloitte & Touche (D&T) as its independent registered public accounting firm for the fiscal year ending June 30, 2008. This decision follows an extensive evaluation process of audit proposals from several major accounting firms.

Summary

This 8-K filing from Parker-Hannifin Corporation, filed on June 28, 2007, announces the formal engagement of Deloitte & Touche (D&T) as the company's independent registered public accounting firm for the fiscal year ending June 30, 2008. This follows a comprehensive evaluation of audit proposals from multiple firms and D&T's completion of prior non-audit assignments for Parker-Hannifin. The filing also explicitly states that there were no disagreements or reportable events with D&T during the fiscal years 2006, 2005, or the interim period leading up to this report. This serves to confirm a smooth transition in auditing services and provides assurance regarding the integrity of the accounting and auditing processes.

Key Highlights

1Parker-Hannifin Corporation formally engaged Deloitte & Touche (D&T) as its independent registered public accounting firm for the fiscal year ending June 30, 2008.
2The engagement follows an extensive evaluation of audit proposals from four major independent registered public accounting firms.
3D&T's appointment was approved by the Audit Committee of the Board of Directors on April 17, 2007, and formally engaged on June 28, 2007.
4The formal engagement occurred after D&T completed certain non-audit assignments for the company.
5The filing confirms no consultations with D&T on accounting principles or audit opinions during fiscal years 2006, 2005, and the interim period.
6There were no reportable disagreements or events with D&T during the specified periods.
7This announcement is primarily related to a change in the company's auditor.

Parker-Hannifin Corp 8-K Report, Auditor Change (Jun 28, 2007)

Summary

Key Highlights

Frequently Asked Questions