Summary
This 8-K filing from American Express Co. (AXP) primarily concerns the American Express Incentive Savings Plan and its auditor transition. The Audit Committee of the Board of Directors has approved the engagement of PricewaterhouseCoopers LLP (PWC) to serve as the independent registered public accountants for the Plan for the fiscal year ending December 31, 2005. This change replaces Ernst & Young LLP (E&Y), which has served as the Plan's auditor. The transition is part of the Audit Committee's regular review process, requiring a detailed review of the outside audit firm at least every ten years. The filing clarifies that E&Y will continue as the auditor for the Plan's financial statements for the year ending December 31, 2004. Importantly, there were no disagreements with E&Y on any accounting principles, financial statement disclosures, or auditing procedures during the recent fiscal years.
Key Highlights
- 1American Express Incentive Savings Plan is changing its independent auditor.
- 2PricewaterhouseCoopers LLP (PWC) will be the auditor for the fiscal year ending December 31, 2005.
- 3Ernst & Young LLP (E&Y) will complete the audit for the fiscal year ending December 31, 2004.
- 4The auditor change is driven by the Audit Committee's regular ten-year review of the audit firm.
- 5No disagreements were reported between the Plan and E&Y regarding accounting, disclosures, or auditing procedures.
- 6E&Y has provided a letter to the SEC agreeing with specific statements made by the Plan regarding the auditor change.