8-KFinancial EventsExhibits & Filings

ABBOTT LABORATORIES 8-K Report, Auditor Change (Dec 20, 2012)

Filed December 20, 2012For Securities:ABT

Summary

Abbott Laboratories (ABT) has announced a change in its independent registered public accounting firm. Effective upon the completion of its audit for the fiscal year ending December 31, 2013, and the subsequent filing of its 2013 Form 10-K, the company has dismissed Deloitte & Touche LLP. This decision was approved by the Audit Committee of the Board of Directors on December 14, 2012. Concurrently, Abbott Laboratories has appointed Ernst & Young LLP as its new independent registered public accounting firm, effective for the fiscal year ending December 31, 2014. The filing indicates no disagreements or reportable events with the outgoing auditor, Deloitte & Touche LLP, during the periods in question. Investors should note that this change signifies a transition in the oversight of the company's financial reporting and audits.

Key Highlights

  • 1Abbott Laboratories is changing its independent auditor.
  • 2Deloitte & Touche LLP has been dismissed as the company's auditor.
  • 3The dismissal of Deloitte & Touche LLP is effective after the completion of the 2013 fiscal year audit and 2013 Form 10-K filing.
  • 4Ernst & Young LLP has been appointed as the new independent registered public accounting firm.
  • 5The appointment of Ernst & Young LLP begins with the fiscal year ending December 31, 2014.
  • 6There were no disagreements or reportable events with Deloitte & Touche LLP.
  • 7A letter from Deloitte & Touche LLP confirming the disclosures in the 8-K filing is included as an exhibit.

Frequently Asked Questions

The filing states that the Audit Committee of the Board of Directors approved the dismissal of Deloitte & Touche LLP. While the specific reasons for the dismissal are not detailed, it is a standard business practice for companies to periodically change auditors. The change is effective upon completion of the 2013 audit.

No, the Form 8-K explicitly states that there were no disagreements or 'reportable events' between Abbott Laboratories and Deloitte & Touche LLP on any matters of accounting principles, practices, financial statement disclosure, or auditing scope or procedure during the fiscal years 2011 and 2010, and through December 14, 2012.

Ernst & Young LLP has been appointed as the new independent registered public accounting firm to perform independent audit services starting with the fiscal year ending December 31, 2014.

Based on the information provided in this 8-K filing, there is no indication of financial concerns. The filing explicitly states there were no disagreements with the outgoing auditor, and the change appears to be a routine transition of audit services.