Business Context and Reporting Period
This Form 8-K was filed by OraSure Technologies, Inc. on December 18, 2000. The report details a change in the Company's independent certifying accountants. The Company recently completed a stock-for-stock merger with STC Technologies, Inc. on September 29, 2000, and changed its fiscal year to a calendar year effective September 29, 2000.
Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on the administrative change of auditors and the history of the audit relationship.
Material Changes
- Accountant Dismissal: PricewaterhouseCoopers LLP (PWC) was dismissed as the independent accountant upon completion of the audit for the transition period ended December 31, 1999.
- Accountant Retention: Arthur Andersen LLP (Andersen) was retained as the new independent accountant, effective December 18, 2000.
- Rationale: The change was driven by the relocation of the Company's headquarters and Financial Department to Bethlehem, Pennsylvania (the former headquarters of STC), making it appropriate to retain STC's former auditors.
Guidance, Outlook, and Risks
Management Commentary: The Audit Committee and Board of Directors authorized the change. There were no disagreements with PWC regarding accounting principles, practices, financial statement disclosure, or auditing scope during the two most recent fiscal years or the interim period through December 18, 2000. No reportable events as defined in Regulation S-K occurred.
Risks and Contingencies: The filing notes that PWC had not issued a report for the fiscal year ended September 30, 2000, due to the fiscal year change, but was expected to issue a report on the interim transition period (October 1, 1999, through December 31, 1999). A letter from PWC confirming the statements in this report is filed as an exhibit.
Key Facts for Investor Verification
- Verify the content of the letter from PWC (Exhibit 16) to confirm no undisclosed disagreements exist.
- Confirm the transition of audit responsibilities from PWC to Andersen for the upcoming fiscal year.
- Review the upcoming interim financial statements for the period October 1, 1999, through December 31, 1999, which PWC is expected to audit.
- Note that the Company's fiscal year has shifted from a September 30 year-end to a calendar year-end.