Summary
Quanta Services, Inc. (PWR) has filed an 8-K report on July 8, 2002, to announce a significant change in its independent auditors. Effective June 28, 2002, the company dismissed Arthur Andersen LLP and engaged PricewaterhouseCoopers LLP as its new independent auditor for the fiscal year ending December 31, 2002. This decision was made after a review of proposals from accounting firms and received approval from Quanta's Board of Directors, acting upon the recommendation of its Audit Committee. The company explicitly states that the change was not prompted by any disagreements with Arthur Andersen regarding accounting principles, financial statement disclosures, or auditing procedures for the years 2000, 2001, or up to the dismissal date. Furthermore, there were no reportable events that would require disclosure under Item 304(a)(1)(v) of Regulation S-K. Quanta also confirmed no prior consultations with PricewaterhouseCoopers LLP on matters that would necessitate disclosure under Item 304(a)(2)(i) or (ii). A supporting letter from Arthur Andersen is attached as an exhibit.
Key Highlights
- 1Quanta Services, Inc. changed its independent auditor on June 28, 2002.
- 2PricewaterhouseCoopers LLP has been appointed as the new independent auditor for the fiscal year ending December 31, 2002.
- 3Arthur Andersen LLP was the prior independent auditor.
- 4The change in auditors was approved by the Board of Directors upon the recommendation of the Audit Committee.
- 5There were no disagreements with Arthur Andersen on any accounting principles, financial statement disclosures, or auditing matters for the years 2000, 2001, and up to June 28, 2002.
- 6No reportable events as defined by Item 304(a)(1)(v) of Regulation S-K occurred.
- 7Quanta Services, Inc. did not consult with PricewaterhouseCoopers LLP prior to their appointment on matters requiring disclosure under Regulation S-K.