Business Context and Reporting Period
Company: Global Payments Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: May 2, 2002
Reporting Period: Fiscal year ending May 31, 2002 (Event date: May 2, 2002)
This filing reports a change in the registrant's certifying accountant. The Board of Directors, upon recommendation of the Audit Committee, dismissed Arthur Andersen LLP and engaged Deloitte & Touche LLP as the new independent public accountants.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on the administrative change of the external auditor.
Material Changes
- Accountant Change: Arthur Andersen LLP was dismissed as the independent public accountant.
- New Appointment: Deloitte & Touche LLP was engaged to serve for the remainder of the fiscal year ending May 31, 2002, and thereafter.
- Audit Status: Andersen's reports for the past two years did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, scope, or accounting principles.
- Recent Review: Andersen completed the SAS 71 review for the third quarter ended February 28, 2002, which was filed on Form 10-Q on April 5, 2002.
Guidance, Outlook, and Risks
Disagreements: The company reported no disagreements with Arthur Andersen during the two most recent fiscal years regarding accounting principles, financial statement disclosure, or auditing scope/procedures.
Reportable Events: There were no reportable events as listed in Item 304(a)(1)(v) of Regulation S-K during the relevant period.
Consultations: Global Payments did not consult Deloitte & Touche LLP regarding accounting principles, proposed transactions, or audit opinions prior to their engagement.
Management Commentary: The filing includes a letter from Arthur Andersen LLP (Exhibit 16) dated May 7, 2002, stating their agreement with the company's disclosures regarding the dismissal.
Investor Verification Checklist
- Verify the effective date of the transition from Arthur Andersen LLP to Deloitte & Touche LLP.
- Review the Form 10-Q filed on April 5, 2002, for the most recent financial data prior to this event.
- Confirm that no undisclosed disagreements existed between the company and the former auditor.
- Monitor future filings for the first audit opinion issued by Deloitte & Touche LLP.