8-K/AOther Events

VALERO ENERGY CORP/TX 8-K/A Report (Apr 3, 2002)

Filed April 3, 2002For Securities:VLO

Summary

This Form 8-K/A filing from Valero Energy Corporation (VLO) on April 3, 2002, serves as an amendment to a prior filing, clarifying a significant change in the company's independent auditors. The primary purpose of this amendment is to officially record the dismissal of Arthur Andersen LLP as Valero's independent auditor following the completion of the 2001 audit. Concurrently, the company has appointed Ernst & Young LLP to serve as its new independent auditors for the fiscal year ending December 31, 2002. Investors should note that this change in auditors comes without any stated disagreements on accounting principles or financial disclosures with the outgoing auditors, Arthur Andersen. The appointment of Ernst & Young is subject to ratification by Valero's stockholders at the upcoming 2002 Annual Meeting. This transition is a material event that investors should monitor for any implications regarding financial reporting and audit oversight.

Key Highlights

  • 1Valero Energy Corporation (VLO) is amending a previous Form 8-K filing.
  • 2Arthur Andersen LLP has been dismissed as Valero's independent auditors.
  • 3Ernst & Young LLP has been appointed as Valero's new independent auditors for the fiscal year ending December 31, 2002.
  • 4The dismissal of Arthur Andersen was approved by the Board of Directors upon the recommendation of the audit committee.
  • 5There were no disagreements on accounting principles, financial statement disclosures, or auditing procedures with Arthur Andersen.
  • 6The appointment of Ernst & Young is to be presented for ratification by Valero's stockholders at the 2002 Annual Meeting on May 9, 2002.
  • 7Arthur Andersen has provided a letter agreeing with Valero's statements regarding the dismissal, filed as Exhibit 16.

Frequently Asked Questions

Valero Energy is filing an amended 8-K report (8-K/A) to officially amend a previous filing and clearly state the dismissal of Arthur Andersen LLP as their independent auditor and the appointment of Ernst & Young LLP.

No, according to the filing, there were no disagreements with Arthur Andersen on any matter of accounting principle or practice, financial statement disclosure, or auditing scope or procedure. Their reports for 2000 and 2001 did not contain adverse, qualified, or disclaimed opinions.

Yes, the appointment of Ernst & Young LLP is being presented to Valero's stockholders for ratification at the Company's 2002 Annual Meeting of Stockholders, scheduled for May 9, 2002.

No, the filing explicitly states that Valero did not consult with Ernst & Young with respect to the application of accounting principles to any specified transactions or other matters before their appointment as auditors.