Business Context and Reporting Period
This Form 8-K Current Report is filed by Atlantic American Corporation regarding its 401(k) Retirement Savings Plan. The report date is May 16, 2002, covering an event that occurred on May 13, 2002.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on a change in the auditor for the company's 401(k) plan, not the company's consolidated financial results.
Material Changes
- Change in Certifying Accountant: On May 13, 2002, the Company decided not to renew the engagement of Arthur Andersen LLP as the auditor for the 401(k) Retirement Savings Plan.
- New Auditor: Gifford Hillegass & Ingwersen, P.C. was engaged to serve as the auditor for the Plan for the year ended December 31, 2001.
- Audit History: Arthur Andersen's reports for the past two plan years did not contain 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/procedures during the two most recent fiscal years.
- Consultations: The Company and the Plan did not consult the new auditor regarding accounting principles or audit opinions prior to the engagement.
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, or management commentary regarding future financial performance. No risks or contingencies related to the company's operations are disclosed in this specific report. The change in auditor is presented as a routine administrative matter with no reportable events under Regulation S-K.
Investor Verification Checklist
- Verify the scope of the auditor change (limited to the 401(k) Plan, not the Company's consolidated financial statements).
- Confirm that Arthur Andersen's departure from the Plan audit was not due to accounting disagreements or reportable events.
- Review the letter from Arthur Andersen LLP (Exhibit 16.1) confirming their agreement with the Company's statements.
- Note that this filing does not reflect the Company's primary financial health or operational results.