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PwC Dismissed by Safety-Kleen WASHINGTON, D.C, Aug. 14, 2000 (SmartPros) Safety-Kleen, a hazardous waste disposal company that has been under investigation by the Securities and Exchange Commission for accounting irregularities, has dismissed PricewaterhouseCoopers as its independent auditors. In a form 8-K filed with the SEC earlier this week, Safety-Kleen said the decision to change accountants was recommended by a special committee and audit committee of its board of directors.
Safety-Kleen said PwC's reports on its financial statements for each of the past two years contained no adverse opinion or a disclaimer of opinion and weren't qualified or modified as to uncertainty, audit scope, or accounting principles.
Subject to approval by a U.S. bankruptcy court in Delaware, the firm has hired Arthur Andersen as its new independent auditor, the filing said.
In March, Safety-Kleen announced the preliminary results of an internal investigation into its accounting practices triggered by information received by its board alleging possible accounting irregularities. Shortly after the announcement, PwC withdrew its previously issued financial reports for 1997, 1998 and 1999, and said the reports could no longer be relied upon. The SEC began a formal investigation of Safety-Kleen that month.
-- SmartPros News Staff
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