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Friday March 1, 1:28 pm Eastern Time
Press Release
SOURCE: Merck & Co., Inc.
Merck & Co., Inc. Appoints PricewaterhouseCoopers as Auditor
WHITEHOUSE STATION, N.J.--(BUSINESS WIRE)--March 1, 2002--Merck & Co., Inc. announced today that its Board of Directors, after careful consideration, has appointed PricewaterhouseCoopers as the company's outside auditor for 2002, subject to ratification by Merck stockholders.
This appointment concludes a rigorous selection process that was part of Merck's annual formal review of auditing services. Arthur Andersen has provided excellent auditing services to Merck since 1971 and Merck has valued its relationship with the firm.
Recently, there has been increased attention to company practices with regard to the role of the outside auditor. For more than 20 years, Merck has applied a strict set of principles and practices designed to help maintain and ensure auditor independence. The specific practices that Merck has put into place include the following:
First, consistent with common practice, the outside auditor has full access to the Audit Committee of the Board of Directors.
Second, the company rotates its lead audit partner every five years. The AICPA practice rule requires that the lead audit partner be rotated every seven years.
Third, Merck actively discourages the use of auditors for non-audit-related purposes. Merck uses a rigorous evaluation process to determine when and if to engage an external auditor for non-audit-related services, and then, only with the approval of the Board's Audit Committee.
Merck & Co., Inc. is a leading research-driven pharmaceutical products and services company. Merck discovers, develops, manufactures and markets a broad range of innovative products to improve human and animal health, directly and through its joint ventures. Merck-Medco manages pharmacy benefits for employers, insurers and other plan sponsors, encouraging the appropriate use of medicines and providing disease management programs.
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Contact:
Merck & Co., Inc., Whitehouse Station
Press Contacts:
Greg Reaves, 908/423-6022
or
Chris Loder, 908/423-3786
or
Investor Contact:
Mark Stejbach, 908/423-5185 |
