Business Context and Reporting Period
This Form 6-K filing by Wipro Limited, a company incorporated in Karnataka, India, was submitted on May 7, 2004. The report addresses a specific corporate governance matter regarding the company's certifying accountants for US GAAP financial reporting.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This document is a disclosure of a change in auditors and does not contain financial performance data.
Material Changes
The primary material change disclosed is the transition of the company's US GAAP certifying accountants for the fiscal year ended March 31, 2004, and forward:
- Previous Accountant: KPMG (Registered), an Indian partnership ("KPMG India").
- New Accountant: KPMG LLP, a UK limited liability partnership.
- Reason for Change: The change was initiated at the request of KPMG India.
- Future Outlook: The change is expected to be transitory. KPMG India is anticipated to be re-appointed once it completes registration with the U.S. Public Company Accounting Oversight Board (PCAOB).
Management Commentary, Risks, and Contingencies
Management confirmed that there were no disagreements with KPMG India regarding accounting principles, practices, financial statement disclosures, or auditing scope during the fiscal years ended March 31, 2002 and 2003, or through the date of the change. Additionally:
- Previous audit reports for fiscal years 2002 and 2003 did not contain adverse opinions, disclaimers, or qualifications.
- No reportable events as defined in Item 304(a)(1)(v) of Regulation S-K occurred.
- KPMG India has reviewed and agreed with the disclosures made in this filing.
Investor Verification Checklist
- Verify the status of KPMG India's registration with the PCAOB to confirm the timeline for the anticipated re-appointment.
- Review the attached Exhibit 99.1 (Letter from KPMG India dated April 16, 2004) for full details on the auditor transition.
- Confirm that no undisclosed disagreements exist between management and the outgoing auditor regarding the fiscal years 2002 and 2003.