8-KFinancial EventsExhibits & Filings

AbbVie Inc. 8-K Report, Auditor Change (Dec 20, 2012)

Filed December 20, 2012For Securities:ABBV

Summary

AbbVie Inc. (ABBV), in this 8-K filing dated December 20, 2012, announced a change in its independent registered public accounting firm in anticipation of its spin-off from Abbott Laboratories, scheduled for January 1, 2013. The company dismissed Deloitte & Touche LLP, which had audited the combined financial statements of Abbott's research-based pharmaceuticals business. This change is a standard procedural step as AbbVie prepares to operate as an independent public company and will not affect previously issued financial statements. Effective for the fiscal year ending December 31, 2013, AbbVie has appointed Ernst & Young LLP as its new independent auditor. The company confirmed that there were no disagreements or reportable events with Deloitte that would raise concerns for investors. This transition in auditing firms is a necessary administrative action as AbbVie establishes its independent corporate structure and financial reporting capabilities.

Key Highlights

  • 1AbbVie Inc. is changing its independent registered public accounting firm.
  • 2The company is dismissing Deloitte & Touche LLP.
  • 3This change is effective upon Deloitte's completion of the audit services for the fiscal year ending December 31, 2012, and the filing of AbbVie's 2012 Form 10-K.
  • 4Ernst & Young LLP has been appointed as the new independent registered public accounting firm, effective for the fiscal year ending December 31, 2013.
  • 5The dismissal of Deloitte was not due to any disagreements on accounting principles, financial statement disclosures, or auditing scope/procedures.
  • 6There were no 'reportable events' as defined by SEC regulations concerning the relationship with Deloitte.
  • 7This change is part of the preparation for AbbVie's planned separation from Abbott Laboratories, set for January 1, 2013.

Frequently Asked Questions

AbbVie is changing its auditor as part of its planned separation from Abbott Laboratories, which is scheduled to occur on January 1, 2013. As AbbVie prepares to operate as an independent public company, it is establishing its own independent auditing relationship.

No, the filing explicitly states that there were no disagreements on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure with Deloitte & Touche LLP. There were also no 'reportable events' that would typically raise concerns for investors.

Ernst & Young LLP has been appointed as AbbVie's independent registered public accounting firm to perform independent audit services beginning with the fiscal year ending December 31, 2013.

No, the change in auditors does not affect previously issued financial statements. Deloitte & Touche LLP audited the combined financial statements for the fiscal years ending December 31, 2011, and 2010, and their reports did not contain any adverse opinions or modifications. Deloitte will complete the audit for the fiscal year ending December 31, 2012, before its dismissal.