Business Context and Reporting Period
This Form 8-K Current Report was filed by Comstock Resources, Inc. on April 22, 2002. The filing primarily addresses a change in the company's independent public accountants.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses on governance and audit matters rather than financial performance data.
Material Changes
- Change in Certifying Accountant: On April 22, 2002, the Board of Directors terminated the engagement of Arthur Andersen LLP and engaged KPMG LLP as the independent public accountants for the 2002 fiscal year.
- Audit History: Arthur Andersen's reports for the past two fiscal 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, practices, or disclosures during the two most recent fiscal years or through the date of this report.
- Consultations: Comstock did not consult KPMG regarding accounting principles or audit opinions prior to their engagement.
Outlook, Risks, and Management Commentary
Management commentary is limited to the rationale for the accountant change, which was an annual review process recommended by the Audit Committee. The filing notes that no reportable events under Regulation S-K Item 304(a)(1)(v) occurred. No specific guidance, future outlook, or new risk factors were disclosed in this document.
Investor Verification Checklist
- Verify the reasons for the departure of Arthur Andersen LLP, given the broader context of the firm's dissolution in 2002.
- Review the attached letter from Arthur Andersen (Exhibit 16) for any additional context on the termination.
- Confirm the transition timeline and scope of work for the new auditor, KPMG LLP.
- Check subsequent filings for the first financial statements audited by KPMG to ensure continuity in reporting standards.