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.