Business Context and Reporting Period
This Form 8-K Current Report was filed by Chicago Mercantile Exchange Holdings Inc. (CME Holdings) on May 15, 2002. The report addresses a material change in the company's certifying accountants. CME Holdings is the successor company to Chicago Mercantile Exchange Inc.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on the change of independent public accountants and does not contain financial statement data.
Material Changes
- Dismissal of Accountant: On May 15, 2002, the Board of Directors dismissed Arthur Andersen LLP as the Company's independent public accountants.
- Appointment of New Accountant: Effective May 15, 2002, Ernst & Young LLP was engaged to audit the consolidated financial statements for the year ending December 31, 2002.
- Audit History: The audit reports issued by Arthur Andersen for the years ended December 31, 2001, and 2000 contained no adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
Management Commentary and Risks
The Audit Committee recommended the dismissal of Arthur Andersen LLP. The Company confirmed that during the two most recent fiscal years and the interim period through the date of the report, there were no disagreements with Arthur Andersen on accounting principles, financial statement disclosure, or auditing scope. Additionally, there were no reportable events as defined in Item 304(a)(1)(v) of Regulation S-K. The Company also stated it did not consult with Ernst & Young LLP regarding matters set forth in Items 304(a)(2)(i) and (ii) of Regulation S-K during the relevant periods.
Investor Verification Checklist
- Verify the effective date of the transition from Arthur Andersen LLP to Ernst & Young LLP (May 15, 2002).
- Review the attached letter from Arthur Andersen LLP (Exhibit 16) confirming their agreement with the Company's statements regarding the dismissal.
- Confirm that no disagreements existed regarding accounting principles or auditing scope during the 2000 and 2001 fiscal years.
- Monitor future filings for the first audit report issued by Ernst & Young LLP for the fiscal year ending December 31, 2002.