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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported) August 14, 1997
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Pioneer Commercial Funding Corp.
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(Exact Name of Registrant as Specified in Charter)
New York 0-24940 13-376343
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
6650 Reseda Blvd., Reseda, CA 91335
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (818) 776-0590
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
On August 14, 1997, Arthur Andersen LLP was dismissed as the Registrant's
independent certified public accountants. The decision to dismiss Arthur
Andersen LLP was approved by the Registrant's Board of Directors. Arthur
Andersen LLP had served as the Registrant's independent certified public
accountants for each of the three years in the period ended March 31, 1997.
Arthur Andersen LLP's report on the financial statements of the Registrant for
each of those years did not contain an adverse opinion or disclaimer of opinion
or was not qualified or modified as to uncertainty, audit, scope or accounting
principles except that the reports for the fiscal years ended March 31, 1996 and
1995 were modified as to the Registrant's ability to continue as a going
concern. There were no disagreements with Arthur Andersen LLP on any matter of
accounting principles or practices, financial statement disclosure, or auditing
scope of procedure during the Registrant's two most recent fiscal years and the
interim period of April 1, 1997 through August 14, 1997.
Also effective as of August 14, 1997, the Registrant's Board of Directors
engaged the firm of Grant Thornton to serve as its independent certified public
accountants. The Registrant represents that it had not consulted with Grant
Thornton at any time prior to their engagement with respect to the application
of accounting principles to a specified transaction, either completed or
proposed, or the type of audit opinion that might be rendered on the
Registrant's financial statements.
ITEM 7. EXHIBITS
Exhibit 16 Letter from Arthur Andersen LLP regarding change in certifying
accountants.
SIGNATURES
Pursuant to the requirement 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.
PIONEER COMMERCIAL FUNDING CORP.
Date: September 4, 1997 By: /s/ Glenda S. Klein
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Glenda S. Klein
Senior Vice-President and
Chief Financial Officer
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EXHIBIT 16
[LETTERHEAD OF ARTHUR ANDERSEN]
September 4, 1997
Securities and Exchange Commission
Mail Stop 9-5
450 5th Street, N.W.
Washington, D.C. 20549
Dear To Whom It May Concern:
We have read and agree with the comments in Sentences 1, 3, 4, and 5 of
Paragraph 1 of Item 4 "Changes in Registrant's Certifying Accountant" of Form
8-K of Pioneer Commercial Funding Corp. (the Company). We have also read
Sentence 2 of Paragraph 1 and Paragraph 2 of Item 4. We do not know what actions
were made by the Board of Directors of the Registrant or the substance of any
discussions that might have been conducted between the Registrant and Grant
Thornton.
It may be noted that prior to the issuance of our auditor's report on the
Company's financial statements for the year ended March 31, 1997, a significant
deficiency in internal control was identified. This matter related to
insufficient documentation involving the evaluation by the Board and Management
and related approval of a loan to an affiliate. The loan was subsequently repaid
before its due date and the loan transaction was approved by the unaffiliated
members of the Board. In our opinion, this matter did not affect the Company's
ability to develop reliable financial statements as of March 31, 1997 and for
the year then ended.
Very truly yours,
ARTHUR ANDERSEN, LLP
NF
