SEC Filing Summary: T. Rowe Price Group, Inc. (Form 8-K)
Business Context and Reporting Period
This Current Report (Form 8-K) was filed by T. Rowe Price Group, Inc. on September 6, 2001. The filing discloses a material corporate governance change regarding the company's independent certifying accountant.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on the change of auditor and does not contain financial performance data.
Material Changes
- Dismissal of Previous Accountant: On September 6, 2001, the company dismissed PricewaterhouseCoopers LLP (PwC), which had served as the independent accountant since July 1, 1998.
- Appointment of New Accountant: The Board of Directors appointed KPMG LLP as the new independent accountant to audit financial statements for the year ended December 31, 2001.
- Reason for Change: The change was driven by a preference of the independent directors to have the audits of T. Rowe Price Group and the T. Rowe Price Mutual Funds performed by different firms. PwC will continue to audit the Price Funds.
- Audit History: PwC's reports for the years ended December 31, 2000, and 1999 contained no adverse opinions, disclaimers, or qualifications. There were no disagreements with PwC regarding accounting principles, practices, or audit scope during 1999, 2000, or through September 6, 2001.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future performance. No risks or contingencies related to financial operations were disclosed in this specific report. The company confirmed no consultations with KPMG regarding accounting principles or potential audit opinions prior to their appointment.
Key Facts for Investor Verification
- Verify the effective date of the auditor transition (September 6, 2001).
- Confirm that PricewaterhouseCoopers remains the auditor for the T. Rowe Price Mutual Funds while KPMG audits the Group.
- Review the accompanying letter from PricewaterhouseCoopers (Exhibit 16) to confirm their agreement with the company's statements regarding the dismissal.
- Note that no disagreements or reportable events occurred with the outgoing auditor during the relevant period.