Why did Southern Copper Corp. change its independent auditor?

The company's Audit Committee appointed PricewaterhouseCoopers (PWC) as its new independent auditor for 2003. This decision led to the dismissal of the previous auditor, Deloitte & Touche LLP.

When was the change in auditors effective?

The appointment of PricewaterhouseCoopers was made on March 14, 2003, and is pending shareholder ratification at the May 8, 2003, annual meeting. Consequently, Deloitte & Touche LLP was dismissed on March 14, 2003.

Were there any disagreements with the former auditor, Deloitte & Touche?

No, the filing states that there were no disagreements with Deloitte & Touche on any matters of accounting principles, practices, financial statement disclosure, or auditing scope or procedure during the period of their engagement and leading up to their dismissal.

What is the significance of this change for investors?

A change in auditors can sometimes signal underlying issues or a desire for a fresh perspective on financial reporting. However, in this case, the company explicitly states there were no disagreements with the former auditor, suggesting the change might be for other strategic reasons or simply a routine rotation of audit firms. Investors should monitor how the new auditor, PWC, engages with the company's financial statements and disclosures going forward.

SCCO 8-K SEC Disclosure

Summary

Southern Peru Copper Corporation (SCCO) announced a significant change in its auditing firm through a Form 8-K filing dated March 20, 2003. The company's Audit Committee appointed PricewaterhouseCoopers (PWC) as its independent auditor for 2003, pending shareholder ratification at the upcoming May 8th annual meeting. This appointment led to the dismissal of Deloitte & Touche LLP as the company's independent auditors.

Key Highlights

1Southern Peru Copper Corporation (SCCO) has appointed PricewaterhouseCoopers (PWC) as its new independent auditor for the fiscal year 2003.
2The appointment of PWC is subject to ratification by SCCO's shareholders at the Annual Meeting scheduled for May 8, 2003.
3Deloitte & Touche LLP has been dismissed as SCCO's independent auditor, having served for the fiscal year ended December 31, 2002.
4There were no disagreements reported with Deloitte & Touche on accounting principles, financial disclosure, or auditing procedures during their tenure.
5Deloitte & Touche's report on the 2002 financial statements did not contain any adverse opinions, disclaimers, or qualifications.
6SCCO did not consult with PWC regarding any specific accounting or auditing matters prior to their appointment.
7A letter from Deloitte & Touche to the SEC regarding the auditor change has been filed as an exhibit to this report.

SOUTHERN COPPER CORP/ 8-K Report (Mar 21, 2003)

Summary

Key Highlights

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