Business Context and Reporting Period
Company: Carpenter Technology Corporation
Filing Type: Form 8-K (Current Report)
Date of Report: February 10, 2004
Subject: Change in Registrant's Certifying Accountant for the Savings Plan.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The report is strictly administrative regarding the appointment of an auditor for a specific subsidiary plan.
Material Changes
- Dismissal of Accountant: On February 10, 2004, Carpenter Technology Corporation dismissed PricewaterhouseCoopers LLP as the independent accountants for the Savings Plan of Carpenter Technology Corporation.
- Continuity of Principal Audit: PricewaterhouseCoopers LLP will continue to act as the principal accountant to audit Carpenter's consolidated financial statements.
- Engagement of New Accountant: Carpenter approved the engagement of Beard Miller Company LLP to audit the Savings Plan's financial statements for the fiscal year ended December 31, 2003.
- Approval Authority: The decision was approved by the Audit Committee of the Board of Directors on February 10, 2004.
Management Commentary, Risks, and Contingencies
- Audit History: Audit reports issued by PricewaterhouseCoopers LLP for the Savings Plan for fiscal years ended December 31, 2002, and 2001 contained no adverse opinions, disclaimers, or qualifications regarding uncertainty, scope, or accounting principles.
- Disagreements: There were no disagreements between Carpenter and PricewaterhouseCoopers LLP regarding accounting principles, practices, disclosures, or auditing scope/procedures during the relevant periods.
- Reportable Events: No reportable events described in Item 304(a)(1)(v) of Regulation S-K occurred during the Savings Plan's two most recent fiscal years.
- Consultations with New Auditor: During the relevant periods, Carpenter did not consult with Beard Miller Company LLP regarding accounting principles, proposed transactions, or matters that constituted disagreements or reportable events.
- Confirmation: PricewaterhouseCoopers LLP provided a letter dated February 17, 2004, confirming agreement with the disclosures in this report.
Investor Verification Checklist
- Verify that the change in accountant applies only to the Savings Plan and not the company's consolidated financial statements.
- Confirm that PricewaterhouseCoopers LLP remains the principal auditor for the corporation.
- Review the attached Exhibit 16.1 (Letter from PricewaterhouseCoopers LLP) for any additional context regarding the dismissal.
- Check future filings to ensure the transition to Beard Miller Company LLP for the Savings Plan audit proceeds without qualification.