Business Context and Reporting Period
This Form 8-K is a current report filed by Air Products & Chemicals, Inc. on May 30, 2002. The filing addresses a change in the independent public accountants for the company's Employee Benefit Plans, specifically the Retirement Savings and Stock Ownership Plan (RSSOP).
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is limited to governance and audit matters regarding the RSSOP and does not contain consolidated financial statements for the registrant.
Material Changes
- Accountant Change: The Employee Benefit Plans Committee decided on May 29, 2002, to terminate the engagement of Arthur Andersen LLP as the RSSOP's independent public accountants.
- New Engagement: KPMG LLP has been engaged to serve as the RSSOP's independent public accountants for the plan year ending September 30, 2002.
- Audit History: Arthur Andersen's reports for the past two years contained no adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
- Disagreements: There were no disagreements with Arthur Andersen on accounting principles, financial statement disclosure, or auditing scope during the two most recent plan years.
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, or management commentary regarding the company's operational performance or future financial results. No reportable events under Regulation S-K Item 304(a)(1)(v) were identified. The company confirmed it did not consult with KPMG LLP regarding accounting principles or audit opinions prior to their engagement.
Investor Verification Checklist
- Verify the effective date of the transition from Arthur Andersen LLP to KPMG LLP for the RSSOP.
- Confirm that the change in auditors is isolated to the RSSOP and does not reflect a change in the company's primary independent auditor for consolidated financial statements.
- Review the attached Exhibit 16 (Letter from Arthur Andersen LLP) for any additional context regarding the termination.