Here is the story-- All is WeLL
HOUSTON, Feb. 24 /PRNewswire/ -- Compaq Computer Corporation (NYSE: CPQ)
today reported that its Board of Directors appointed Ernst & Young LLP as
Compaq's independent accountants, replacing PricewaterhouseCoopers.
"Following an intensive search initiated by Compaq's Audit Committee, Ernst &
Young emerged as the best organization to provide high quality audit services
in our NonStop(TM) business environment," said Ben K. Wells, Vice President,
Corporate Treasurer, and acting Chief Financial Officer.
The company expects a smooth transition to the new auditors. There is no
impact on Compaq's financial reports. All Compaq's financial reports,
including the 1999 accounts, remain in full force and effect. Ernst & Young
will be in place to review the Company's first quarter 2000 financial
statements.
Compaq stated that the change in auditors was related to the Securities
and Exchange Commission's (SEC's) investigation of PricewaterhouseCoopers'
independence violations. Compaq emphasized that there had been no
determination that the independence of PricewaterhouseCoopers had been
impaired with respect to any audit of Compaq's financial statements.
Nevertheless, as a result of that investigation, representatives of the SEC
asked Compaq to name new independent accountants and the Audit Committee of
Compaq's Board of Directors determined it was appropriate to do so.
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