ADC Telecom (ADCT)
Ernst & Young replaces Arthur Andersen as accountants
8-K, Report of unscheduled material events or corporate e.g acquisition bankruptcy resignation 05/22/2002
Item 4. Changes in Registrant’s Certifying Accountant.
On May 21, 2002, the Board of Directors of ADC Telecommunications, Inc. (“ADC”), with the unanimous recommendation of the Audit Committee of the Board of Directors, dismissed Arthur Andersen LLP (“Andersen”) as ADC’s independent public accountants, effective immediately.
The audit reports of Andersen on the consolidated financial statements of ADC for the fiscal years ended October 31, 2001 and 2000 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.
During ADC’s two most recent fiscal years ended October 31, 2001 and 2000 and through the date hereof: (a) there were no disagreements with Andersen on any matter of accounting principle or practice, financial statement disclosure, or auditing scope or procedure which, if not resolved to Andersen’s satisfaction, would have caused Andersen to make reference to the subject matter of such disagreement in connection with Andersen’s report on ADC’s consolidated financial statements for such years; and (b) there were no reportable events as listed in Item 304(a)(1)(v) of Regulation S-K.
ADC provided Andersen with a copy of the foregoing disclosures. Attached, as Exhibit 16.1, is a copy of Andersen’s letter, dated May 22, 2002, stating its agreement with such statements.
Also on May 21, 2002, the Board of Directors of ADC, with the unanimous recommendation of the Audit Committee of the Board of Directors, appointed Ernst & Young LLP as ADC’s independent public accountant for ADC’s fiscal year ending October 31, 2002, effective immediately. |
