SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): April 5, 1994
LENNAR CORPORATION
(Exact Name of Registrant as specified in its Charter)
Delaware 1-6643 59-1281887
(State or Other Juris- (Commission (IRS Employer
diction of Incorporation) File Number) Identification
Number)
700 Northwest 107th Avenue, Miami, Florida 33172
(Address of Principal Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (305) 559-4000
This Report contains a total of 6 pages.
The Exhibit Index is on page 5.
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Item 4. Changes in Registrant's Certifying Accountant.
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On April 5, 1994, the Company's Board of Directors,
acting on the recommendation of the Audit Committee, approved the
retention of Deloitte & Touche to audit the Company's financial
statements at November 30, 1994 and for the year ending on that
date. KPMG Peat Marwick audited the Company's financial statements
for the year ended November 30, 1993 and for a number of years
before that. The decision to replace KPMG Peat Marwick with
Deloitte & Touch was based solely on cost considerations. Early in
fiscal 1994, the Company invited KPMG Peat Marwick and three other
firms it considered to be qualified to submit proposals for the
audit of the Company's financial statements for the five fiscal
years ending November 30, 1994 through 1998. Upon review of the
proposals, the Company selected Deloitte & Touche, because it
submitted the lowest cost proposal.
Neither KPMG Peat Marwick's report on the financial
statements of the Company and its subsidiary for the fiscal year
ended November 30, 1993, nor its report on the financial statements
for the year ended November 30, 1992, contained an adverse opinion
or a disclaimer of an opinion, or was qualified or modified as to
uncertainty, audit scope or accounting principles. Neither in
connection with the audits by KPMG Peat Marwick of the financial
statements for those years, nor during any subsequent interim
period, were there disagreements on any matters of accounting
principles or practices, financial statement disclosure or auditing
scope or procedure, which disagreements, if not resolved to the
satisfaction of KPMG Peat Marwick, would have caused it to make
2
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reference to the subject matter of the disagreements in connection
with its reports.
Deloitte & Touche has, for a number of years, assisted
the Company in the preparation of tax returns and with regard to
other tax related matters. The Company did not, during the
Company's two most recent fiscal years, or during any subsequent
interim period, consult Deloitte & Touche regarding either (i) the
application of accounting principles to a specific transaction or
the type of audit opinion that might be rendered on the Company's
financial statements on which Deloitte & Touche provided a written
report or written or oral advice which Deloitte & Touche concluded
was an important factor considered by the Company in reaching a
decision as to the accounting, auditing or financial reporting
issue, or (ii) any matter that was the subject of a disagreement or
an event of the type described in Item 304(a)(1)(v) of Regulation
S-K.
Item 7. Financial Statements, Pro Forma Financial Statements and
Exhibits.
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(C) Exhibits
Exhibit 16 - Letter from KPMG Peat Marwick
3
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SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
LENNAR CORPORATION
(Registrant)
By: /S/ ALLAN J. PEKOR
----------------------------
Allan J. Pekor
Financial Vice President
Dated: April 12, 1994
4
<PAGE>
EXHIBIT INDEX
Page number
in sequential
numbering system
-----------------
Exhibit 16 - Letter from KPMG Peat 6
Marwick
5
<PAGE>
April 11, 1994
Securities and Exchange Commission
Washington, D.C. 20549
Gentlemen:
We were previously principal accountants for Lennar Corporation
and, under the date of January 18, 1994, we reported on the
consolidated financial statements of Lennar Corporation and
subsidiaries as of and for the years ended November 30, 1993 and
1992. On April 5, 1994, our appointment as principal accountants
was terminated. We have read Lennar Corporation's statements
included under Item 4 of its Form 8-K dated April 11, 1994, and we
agree with such statements except that we are not in a position to
agree or disagree with the Company's statement that Deloitte and
Touche submitted the lowest cost proposal. Further, we are not in
a position to agree or disagree with the statements made in the
last sentence of the third paragraph of Item 4.
Very truly yours,
/S/ KPMG PEAT MARWICK
