Summary
American Electric Power Co., Inc. (AEP) announced a change in its independent registered public accounting firm in an 8-K filing on July 28, 2016. The company's Audit Committee determined not to renew its engagement with Deloitte & Touche LLP for the audits of its consolidated financial statements for the fiscal year ending December 31, 2017. This decision follows a competitive bidding process where other firms, including PricewaterhouseCoopers LLP, were invited to participate.
Key Highlights
- 1AEP's Audit Committee has appointed PricewaterhouseCoopers LLP as the new independent registered public accounting firm for the fiscal year ending December 31, 2017.
- 2Deloitte & Touche LLP will continue to serve as the auditor for the fiscal year ending December 31, 2016, including the filing of the related Form 10-K.
- 3The change in auditors was a result of a competitive bidding process initiated by the Audit Committee.
- 4There were no disagreements or reportable events between AEP and Deloitte & Touche LLP during the past two fiscal years (2014-2015) or the subsequent interim period, as defined by Regulation S-K.
- 5AEP and its subsidiaries did not consult with PricewaterhouseCoopers LLP on any matters requiring disclosure under Item 304(a)(2) of Regulation S-K prior to the appointment.
- 6The company has filed a letter from Deloitte & Touche LLP as Exhibit 16.1 to this 8-K, confirming their agreement with the statements made regarding the auditor change.
Frequently Asked Questions
AEP's Audit Committee decided not to renew the engagement with Deloitte & Touche LLP for audits beginning with the fiscal year ending December 31, 2017. This decision was made after a competitive bidding process involving multiple accounting firms.
Yes, Deloitte & Touche LLP will complete its audit procedures for the fiscal year ending December 31, 2016, and will be responsible for the filing of the related Annual Report on Form 10-K.
No, the filing states that there were no disagreements on any matters of accounting principles, practices, financial statement disclosure, or auditing scope or procedure between AEP and Deloitte & Touche LLP during the past two fiscal years and the subsequent interim period. There were also no reportable events.
According to the filing, AEP and its subsidiary registrants did not consult with PricewaterhouseCoopers LLP regarding any matters or events that would require disclosure under Item 304(a)(2)(i) or (ii) of Regulation S-K during the fiscal years 2014 and 2015, or the subsequent interim period leading up to the appointment.