SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 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 6, 2002


                            Valpey-Fisher Corporation
                            -------------------------

               (Exact Name of Registrant as Specified in Charter)


       Maryland                       1-4184                    06-0737363
       --------                       ------                    ----------
(State or other jurisdiction      Commission File             (IRS Employer
  of incorporation)                 Number                Identification Number)


75 South Street, Hopkinton, MA                                     01748
- ------------------------------                                     -----

(Address of principal executive offices)                         (Zip Code)

Registrant's telephone number, including area code: (508) 435-6831
                                                    --------------


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Item 4.   Changes in Registrant's Certifying Accountant.

               Effective November 6, 2002, Valpey-Fisher Corporation ("the
Company") dismissed Deloitte & Touche LLP ("D&T") as independent accountants and
appointed Grant Thornton LLP ("GT") as independent accountants for the Company.
The Company's audit committee approved these changes and recommended them to the
Board of Directors. The Company's Board of Directors approved the changes.

              During the Company's two most recent fiscal years and the
subsequent interim period preceding D&T's dismissal, there were no disagreements
between D&T and the Company 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 D&T, would have caused D&T
to make a reference to the subject matter of the disagreements in their report
on financial statements for such year. During such period, there were no
reportable events as defined in Item 304 (a) (1) (v) of Regulation S-K.

              The reports of D&T on the Company's consolidated financial
statements as of and for the years ended December 31, 2001 and 2000 did not
contain any adverse opinion or disclaimer of opinion, nor were they qualified or
modified as to uncertainty, audit scope, or accounting principles.

              During the Company's two most recent fiscal years and through
November 6, 2002, the Company did not consult with GT with respect to the
application of accounting principles to a specific transaction, either completed
or proposed, or the type of audit opinion that might be rendered on the
Company's consolidated financial statements, or any other matters or reportable
events listed in Items 304(a)(2)(i) and (ii) of Regulation S-K.

               The Company provided D&T with a copy of the foregoing disclosures
and requested that D&T furnish it a letter addressed to the Securities and
Exchange Commission stating whether it agrees with the statements and, if not,
stating the respects in which it does not agree. A copy of the letter from D&T
to the Commission is attached as Exhibit 16.1.


Item 7.  Financial Statements, Pro Forma Financial Information and Exhibits.
         -------------------------------------------------------------------

  (c)    Exhibits

         Exhibit No.              Description
         ----------               ------------

         16.1                     Letter from D&T to the Securities and Exchange
                                  Commission dated November 6, 2002


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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.


                                                 Valpey-Fisher Corporation


     Date:  November 8, 2002                By:  /s/ Michael J. Kroll

                                                 Michael J. Kroll
                                                 Vice President, Treasurer and
                                                 Chief Financial Officer


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                                                                    Exhibit 16.1

November 6, 2002

Securities and Exchange Commission
Mail Stop 11-3
450 5th Street, N.W.
Washington, D.C.   20549

Dear Sirs/Madams:

We have read Item 4 of Valpey-Fisher Corporation's Form 8-K dated November 6,
2002, and we have the following comments:

     1.   We agree  with the  statements  made in the first,  second,  third and
          fifth paragraphs.

     2.   We have no basis on which  to agree or  disagree  with the  statements
          made in the fourth paragraph.


Yours truly,



DELOITTE & TOUCHE LLP



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