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): NOVEMBER 20, 2000
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INTEGRATED PACKAGING ASSEMBLY CORPORATION
(Exact name of registrant as specified in charter)
DELAWARE 000-22712 77-0309372
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(State or other jurisdiction (Commission file number) (IRS Employer
of incorporation) Identification No.)
2221 Oakland Road, San Jose, CA 95131
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(Address of principal executive offices) (Zip code)
Registrant's telephone number, including area code: (408) 321-3600
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ITEM 4. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT.
PricewaterhouseCoopers LLP has served as the independent accountants of
Integrated Packaging Assembly Corporation (the "Registrant").
(a) Previous independent accountants.
(i) On November 20, 2000, PricewaterhouseCoopers LLP resigned as the
Registrant's independent accountants.
(ii) The reports of PricewaterhouseCoopers LLP on the financial
statements of the Registrant for each of the past two fiscal
years contained no adverse opinion or disclaimer of opinion and
were not qualified or modified as to uncertainty, audit scope or
accounting principles, except that their reports for each such
year included an explanatory paragraph regarding the Registrant's
ability to continue as a going concern.
(iii) The independent accountants resigned, and, accordingly, the
change in independent accountants was not approved by the
Registrant's Audit Committee.
(iv) During the Registrant's two most recent fiscal years and through
the date of this Report, the Company has had no disagreements
with PricewaterhouseCoopers LLP on any matter of accounting
principles or practices, financial statement disclosure, or
auditing scope or procedure, which disagreements, if not resolved
to the satisfaction of PricewaterhouseCoopers LLP would have
caused it to make reference thereto in its report on the
financial statements of the Registrant for such years.
(v) In connection with the independent auditors' fiscal year 1999
audit, the auditors communicated to management and the
Registrant's Audit Committee specific reportable conditions
relating to the design or operation of internal control that, in
PricewaterhouseCoopers LLP's judgment, could adversely affect the
organization's ability to process, summarize, and report
financial data consistent with the assertions of management in
the financial statements. Specific matters noted included the
following: (1) management should evaluate accounting and finance
personnel to determine the adequacy in terms of head count, time
commitments and skill levels, (2) appropriate segregation of
duties and management structure should be considered, and (3)
management should ensure that there is appropriate documentation
of related party transactions and that related party balances are
appropriately reconciled.
(vi) The Registrant has requested that PricewaterhouseCoopers LLP
furnish it with a letter addressed to the Commission stating
whether or not it agrees with the above statements. A copy of
such letter, dated November 28, 2000, is filed as Exhibit 16.1 to
this Form 8-K.
(b) New independent accountants.
The Company has not yet engaged new independent accountants.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits.
16.1 Letter from PricewaterhouseCoopers LLP to the Securities
and Exchange Commission dated November 28, 2000.
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SIGNATURE
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.
INTEGRATED PACKAGING ASSEMBLY CORPORATION
By: /s/ EDMOND TSENG
Chief Executive Officer
Dated: November 28, 2000
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INDEX TO EXHIBITS
EXHIBIT NUMBER DESCRIPTION
16.1 Letter from PricewaterhouseCoopers LLP to the Securities and
Exchange Commission dated November 28, 2000.
