Mattson Tech Dismisses Arthur Andersen As Auditor
WASHINGTON -(Dow Jones)- Mattson Technology Inc. dismissed Arthur Andersen LLP (X.AND) as its auditor and hired PricewaterhouseCoopers LLP (X.PWC) , according to a Form 8-K filed late Tuesday with the Securities and Exchange Commission.
The filing said Andersen had served as the company's auditor since Nov. 1, 1999 . The decision to change the accountants was approved by the company's audit committee. The filing didn't say why the company dismissed Andersen.
In connection with the audit for 2001, Andersen noted four conditions that it considered to be reportable events, the filing said.
Andersen suggested that Mattson Technology needed to better document the job descriptions, procedure manuals and reporting lines within the finance organization; improve and formalize monitoring procedures regarding controller or management level review of entries posted by the staff; improve and automate procedures for month-end closings; and improve policies and procedures for tracking inventory balances.
The company said it didn't disagree with the suggestions and that it is addressing each of these conditions and believes it has made substantial progress in implementing corrective measures.
Andersen's reports on the company's financial statements for each of the past two years ended Dec. 31 contained no adverse opinion or disclaimer of opinion and weren't qualified or modified as to uncertainty, audit scope or accounting principle.
According to Mattson Technology's most recent proxy, Andersen billed the company $830,000 for the audit of financial statements and $3.3 million for all other services in 2001.
Mattson Technology, based in Fremont, Calif. , designs, makes and markets fabrication equipment for the semiconductor manufacturing industry. |
