Business Context and Reporting Period
Company: Atlantic American Corporation
Filing Type: Form 8-K (Current Report)
Date of Report: June 28, 2002
Event Date: June 26, 2002
Context: The filing reports a change in the Company's certifying independent accountant.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document is strictly a disclosure regarding the change of auditors.
Material Changes
- Termination of Auditor: The Audit Committee terminated the engagement of Arthur Andersen LLP as the Company's independent auditors, effective immediately on June 26, 2002.
- Appointment of New Auditor: The Committee voted to engage Deloitte & Touche, LLP to serve as the independent auditors for the 2002 fiscal year.
- Audit History: Arthur Andersen's reports for fiscal years ended December 31, 2001 and 2000, 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, financial statement disclosure, or auditing scope/procedures during the 2000 and 2001 fiscal years or through the date of the report.
- Consultations: The Company did not consult Deloitte & Touche, LLP regarding accounting principles or audit opinions prior to their engagement.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future performance. The primary risk disclosed is the transition of audit firms, which occurred without any reported disagreements or reportable events with the outgoing firm. Arthur Andersen LLP confirmed in an attached letter (Exhibit 16.1) that they had no basis for disagreement with the Company's disclosures.
Investor Verification Checklist
- Verify the effective date of the new auditor engagement (Deloitte & Touche, LLP) for the 2002 fiscal year.
- Confirm that no reportable events or disagreements existed with the former auditor (Arthur Andersen LLP) for the 2000 and 2001 fiscal years.
- Review the attached letter from Arthur Andersen LLP (Exhibit 16.1) to ensure alignment with the Company's statements.
- Monitor future filings for the first audit report issued by Deloitte & Touche, LLP.