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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT UNDER SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): April 27, 2000
Commission File Number: 0-12666
AMERICAN FINANCIAL HOLDING, INC.
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(Exact Name of Registrant as Specified in its Charter)
DELAWARE 87-0458888
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(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
225 SOUTH 200 WEST, SUITE 302
FARMINGTON, UTAH 84025-0683
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(Address of Principal Executive (Zip Code)
Offices)
1
Registrant's Telephone Number, including Area Code:
(801) 451-9580
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NONE
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(Former name, former address, and formal fiscal year, if changed since
last report)
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
On April 27, 2000, the Board of Directors of American Financial Holdings,
Inc. ("the Company") determined not to engage Jonas Jensen & Co., Salt Lake
City, Utah ("Jensen") as the Company's principal accountant to audit and report
on the Company's financial statements for the year ended December 31, 1999.
Jensen's inability to meet the Company's current unexpectedly short and rigid
timelines is the reason for the change.
The report of Jensen on the Company's financial statements consisting of
consolidated balance sheets as of December 31, 1998 and 1997, and the related
consolidated statements of income, stockholders' equity, and cash flows for each
of the three years in the period ended December 31, 1998, did not contain an
adverse opinion or disclaimer of opinion and was not qualified or modified as to
audit scope or accounting principles.
In connection with the Company's two most recent fiscal year audits and
any subsequent interim period preceding the dismissal of Jensen, there were no
disagreements with Jensen or reportable events on any matter of accounting
principles or practices, financial statement disclosure, or auditing scope or
procedure, which disagreement, if not resolved to the satisfaction of the former
accountant, would have caused it to make reference to the subject matter of the
disagreement in connection with its report. In connection with its audit of the
Company's 1998 financial statements, Jensen noted no matters involving the
internal control structure and its operations that they considered to be
material weaknesses.
The Company has provided Jensen, its former accountant, with a copy of the
foregoing disclosure. The Company has requested the former accountant to
provide a letter stating whether it agrees with the above statements made by the
Company and will file the former accountant's letter with an amendment to this
report.
On April 27, 2000, the Board of Directors of the Company approved the
engagement of Robison Hill & Company ("Robison"), Salt Lake City, Utah as
independent accountant and auditor to report on the Company's financial
statements for the year ended December 31, 1999.
No consultations occurred between the Company and Robison during the two
most recent fiscal years and any subsequent interim period prior to Robison's
appointment regarding either (i) the application of accounting principles to a
specific completed or contemplated transaction, the type of audit opinion that
might be rendered on the Company's financial statements, or other information
provided that was considered by the Company in reaching a decision as to an
accounting, auditing, or financial reporting issue, or (ii) any matter that was
the subject of disagreement or a reportable event requiring disclosure under
Item 304(a)(1)(v) of Regulation S-K.
ITEM 7. EXHIBITS
Exhibits
SEC
Exhibit # Reference # Title of Document
1 16 Letter from Jonas Jensen & Co. to the To be filed
Securities Exchange Commission regarding by amendment
change in certifying accountant.
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AMERICAN FINANCIAL HOLDING, INC.
Dated: May 1, 2000 By: /s/ Kenton L. Stanger, President
Kenton L. Stanger, President
Director and Principal Executive
Officer
