8-KOther Events

AMERIPRISE FINANCIAL INC 8-K Report, Corporate Update (May 24, 2010)

Filed May 24, 2010For Securities:AMP

Summary

Ameriprise Financial, Inc. has announced a significant change in its independent auditor. The company's Audit Committee has decided not to re-engage Ernst & Young LLP (EY) for the fiscal year ending December 31, 2011. This decision means EY will complete its audit for the current fiscal year 2010. This change is a standard part of corporate governance, allowing for periodic review of audit firms to ensure independence and objectivity. Looking ahead, Ameriprise Financial plans to engage PricewaterhouseCoopers LLP (PwC) as its independent registered public accountants for the fiscal year ending December 31, 2011. This engagement is subject to successful negotiation of terms with PwC and will be presented to shareholders for ratification at the 2011 annual meeting. Investors should note that such auditor changes, while common, can sometimes lead to a brief period of adjustment in reporting or communication.

Key Highlights

  • 1Ameriprise Financial, Inc. will change its independent auditors for fiscal year 2011.
  • 2Ernst & Young LLP (EY) will serve as auditor for fiscal year 2010.
  • 3PricewaterhouseCoopers LLP (PwC) is proposed to be the auditor for fiscal year 2011.
  • 4The decision was made by the Audit Committee of the Board of Directors.
  • 5The engagement of PwC is pending successful negotiation of terms.
  • 6Shareholder ratification for PwC's appointment is anticipated at the 2011 annual meeting.

Frequently Asked Questions

While the filing doesn't state a specific reason, changing audit firms periodically is a common corporate governance practice. It helps ensure auditor independence and can bring a fresh perspective to the financial review process.

Ernst & Young LLP (EY) will continue to serve as Ameriprise Financial's independent registered public accountants for the fiscal year ending December 31, 2010.

Ameriprise Financial anticipates seeking shareholder ratification for the appointment of PricewaterhouseCoopers LLP (PwC) as its auditor for fiscal year 2011 in its proxy statement for the 2011 annual meeting of shareholders.

The filing does not indicate any immediate financial implications. EY will complete the 2010 audit, and the transition to PwC for 2011 is a forward-looking event. Such changes are generally routine and do not signal financial distress.