Summary
This amendment to American Express Company's (AXP) Form 8-K filing clarifies a change in its independent registered public accountants. The Audit Committee of the Board of Directors has dismissed Ernst & Young LLP (E&Y) as auditors for the fiscal year ending December 31, 2005, and has approved the future engagement of PricewaterhouseCoopers LLP (PWC) for the same period. This decision follows a comprehensive review of audit firms, as mandated by the Audit Committee's charter which requires a detailed review at least every ten years. It's important for investors to note that this change is not due to any disagreements or reportable events with E&Y regarding accounting principles, financial statement disclosures, or auditing procedures for the fiscal years 2002 and 2003. E&Y will continue to serve as AXP's auditors for the fiscal year ending December 31, 2004. The company has obtained a letter from E&Y confirming their agreement with these statements.
Key Highlights
- 1American Express Company (AXP) is changing its independent auditors for the fiscal year 2005.
- 2Ernst & Young LLP (E&Y) has been dismissed as the auditor for fiscal year 2005.
- 3PricewaterhouseCoopers LLP (PWC) has been approved as the new auditor for fiscal year 2005.
- 4E&Y will continue to serve as AXP's auditor for the fiscal year ending December 31, 2004.
- 5The decision to change auditors was part of a scheduled review by the Audit Committee, required every ten years.
- 6There were no disagreements with E&Y on accounting principles, disclosures, or auditing procedures for fiscal years 2002 and 2003.
- 7No "reportable events" occurred with E&Y during the recent fiscal years and up to the date of the filing.