Business Context and Reporting Period
This Form 8-K filing by GrafTech International Ltd. is dated April 6, 2004. The report discloses a change in the company's independent public accountants. The filing covers the period up to the date of the report and references the fiscal years ended December 31, 2003, and 2002.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on the administrative change of the external auditor.
Material Changes
- Accountant Change: On April 6, 2004, the Audit and Finance Committee dismissed Deloitte & Touche LLP (D&T) and selected PricewaterhouseCoopers LLP (PwC) as the new independent public accountants for the fiscal year ending December 31, 2004.
- Selection Process: The decision followed a formal proposal process among several firms.
Management Commentary, Risks, and Contingencies
Management provided the following assurances regarding the transition:
- Prior Audit Opinions: D&T's reports for fiscal years 2003 and 2002 contained no adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
- Disagreements: There were no disagreements between GrafTech and D&T during fiscal years 2003 and 2002, or the period between December 31, 2003, and April 6, 2004, regarding accounting principles, practices, disclosures, or audit scope.
- Reportable Events: No reportable events occurred during the referenced periods.
- Consultations: GrafTech did not consult PwC regarding accounting principles, proposed transactions, or matters that were subjects of disagreement or reportable events prior to the appointment.
Important Facts for Investor Verification
- Verify the content of the letter from Deloitte & Touche LLP (Exhibit 16.1) to confirm their agreement with the company's statements regarding the lack of disagreements.
- Confirm the effective date of PwC's engagement for the 2004 fiscal year audit.
- Review subsequent filings to ensure no undisclosed issues arose during the transition period.