Business Context and Reporting Period
Company: Avnet, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: April 17, 2002 (Signed April 23, 2002)
Reporting Period: This filing reports a specific corporate governance event regarding the change of independent auditors, effective immediately as of April 17, 2002.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on the administrative change of the registrant's certifying accountant.
Material Changes
- Dismissal of Auditor: Avnet, Inc. dismissed its independent auditor, Arthur Andersen LLP, effective immediately.
- Appointment of New Auditor: KPMG LLP was appointed as the new independent auditor, effective immediately.
- Scope of New Audit: KPMG will audit the consolidated financial statements for the fiscal year ending June 28, 2002.
- Board Approval: These actions were approved by the Board of Directors upon the recommendation of the Audit Committee.
Management Commentary, Risks, and Contingencies
Disagreements and Reportable Events: The company stated there were no disagreements with Arthur Andersen during the two most recent fiscal years (ended June 29, 2001, and June 30, 2000) or subsequent interim periods regarding accounting principles, practices, financial statement disclosure, or auditing scope/procedures. No reportable events as defined in Item 304(a)(1)(v) of Regulation S-K occurred.
Audit Opinions: The audit reports issued by Arthur Andersen for the fiscal years ended June 29, 2001, and June 30, 2000, did not contain an adverse opinion, disclaimer of opinion, or qualification regarding uncertainty, audit scope, or accounting principles.
Consultations: Neither the Corporation nor anyone on its behalf consulted with KPMG regarding matters set forth in Item 304(a)(2)(i) and (ii) of Regulation S-K during the relevant periods.
Arthur Andersen Response: Arthur Andersen LLP provided a letter to the SEC dated April 23, 2002, stating its agreement with the company's statements regarding the dismissal and lack of disagreements.
Investor Verification Checklist
- Verify the effective date of the auditor transition (April 17, 2002) and the appointment of KPMG LLP.
- Confirm that the previous auditor, Arthur Andersen LLP, issued unqualified opinions for the fiscal years ended June 29, 2001, and June 30, 2000.
- Review the attached Exhibit 16 (Arthur Andersen's letter to the SEC) to confirm their agreement with the company's disclosure regarding the lack of disagreements.
- Note that this filing does not provide updated financial results; investors should refer to the most recent 10-K or 10-Q for financial metrics.