8-KOther Events

THERMO FISHER SCIENTIFIC INC. 8-K Report (Jun 12, 2003)

Filed June 12, 2003For Securities:TMO

Summary

Thermo Fisher Scientific Inc. (TMO), operating as Thermo Electron Corporation, has filed an 8-K report detailing a change in its independent certifying accountants for the Thermo Electron Corporation Choice Plan. Effective June 5, 2003, the Plan has engaged PricewaterhouseCoopers LLP (PwC) as its new auditor, replacing Carlin, Charron & Rosen LLP (CCR). This change marks the second auditor transition for the Plan in as many years, having previously dismissed Arthur Andersen LLP in June 2002. The company states that the decision to switch auditors was approved by the Audit Committee of the Board of Directors and the Pension Committee. Importantly, there were no disagreements between the Plan and its former accountants, CCR, regarding accounting principles, financial statement disclosures, or auditing procedures during the relevant periods.

Key Highlights

  • 1Thermo Electron Corporation Choice Plan has appointed PricewaterhouseCoopers LLP (PwC) as its new independent certifying accountant.
  • 2The engagement of PwC is effective as of June 5, 2003.
  • 3Carlin, Charron & Rosen LLP (CCR) has been dismissed as the Plan's independent certifying accountants.
  • 4This is the second auditor change for the Plan within the last two fiscal years (previously Arthur Andersen LLP was dismissed in June 2002).
  • 5The decision to change auditors was approved by the Audit Committee of the Board of Directors and the Pension Committee of Thermo Electron Corporation.
  • 6The company has stated there were no disagreements with CCR on accounting principles, financial statement disclosure, or auditing procedures.
  • 7CCR has provided a letter to the SEC confirming agreement with the statements made by the Plan regarding the auditor change.

Frequently Asked Questions

The Thermo Electron Corporation Choice Plan changed its independent certifying accountants from Carlin, Charron & Rosen LLP (CCR) to PricewaterhouseCoopers LLP (PwC) effective June 5, 2003. This decision was approved by the Audit Committee of the Board of Directors and the Pension Committee of Thermo Electron Corporation. The filing explicitly states there were no disagreements with the former auditors on accounting principles, financial statement disclosure, or auditing procedures.

No, this is the second auditor change for the Thermo Electron Corporation Choice Plan within the last two fiscal years. The Plan previously dismissed Arthur Andersen LLP in June 2002 and engaged Carlin, Charron & Rosen LLP at that time.

For investors, this auditor change on its own is generally considered routine, especially given the company's statement that there were no disagreements with the prior auditor. However, the frequency of auditor changes (two in two years) might warrant a closer look at the company's internal governance and audit committee oversight. The engagement of a major firm like PwC suggests a continued commitment to independent and rigorous financial scrutiny of the Plan's operations.