Why is Ameriprise Financial changing its independent auditor?

The 8-K filing states that Ameriprise Financial has formally engaged PricewaterhouseCoopers LLP (PwC) for the fiscal year ending December 31, 2011. While the filing doesn't explicitly state the reasons for the change, such decisions are often made to ensure continued independence, bring in fresh perspectives, or align with auditor rotation policies that may be in place at the company or mandated by regulations.

When did this auditor change become effective?

The engagement letter with PwC was executed on June 9, 2010, and the filing was made on June 10, 2010. PwC is formally engaged as the independent registered public accounting firm for the fiscal year ending December 31, 2011.

Were there any disagreements with the previous auditor?

No, the filing explicitly states that neither the company nor anyone acting on its behalf consulted with PwC regarding any matter that was the subject of a 'disagreement' or a 'reportable event' with the previous auditor during the specified periods. This indicates a cooperative and unaudified transition.

What is the significance of changing auditors for investors?

A change in auditors can be significant for investors as it may signal a fresh look at the company's financial reporting and internal controls. However, in this case, the lack of prior disagreements or reportable events suggests a routine transition rather than a response to audit issues. Investors should consider this change as part of the company's ongoing efforts to maintain robust financial oversight.

AMP 8-K: Financial Events

Summary

Ameriprise Financial, Inc. (AMP) filed an 8-K on June 10, 2010, to announce a significant change in its auditing firm. The company has formally engaged PricewaterhouseCoopers LLP (PwC) as its independent registered public accounting firm for the fiscal year ending December 31, 2011. This change involves a proactive engagement for future audits, indicating a strategic decision by the company's management regarding its financial oversight. The filing specifies that there were no prior consultations with PwC on accounting principles or audit opinions during the fiscal years 2008 and 2009, nor up to the engagement date in 2010. Furthermore, there were no 'disagreements' or 'reportable events' with the previous auditor that would necessitate disclosure under SEC regulations. This suggests a smooth transition and a clear engagement process for the new auditing partner.

Key Highlights

1Ameriprise Financial, Inc. has appointed PricewaterhouseCoopers LLP (PwC) as its new independent registered public accounting firm.
2The engagement with PwC is for the fiscal year ending December 31, 2011.
3The appointment was formalized through the execution of a mutually agreed-upon engagement letter.
4There were no prior consultations with PwC regarding accounting principles or potential audit opinions.
5No 'disagreements' or 'reportable events' with the former auditor were disclosed.
6This filing is made under Item 4.01 of Form 8-K, pertaining to changes in registrant's certifying accountant.

AMERIPRISE FINANCIAL INC 8-K Report, Auditor Change (Jun 10, 2010)

Summary

Key Highlights

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