Summary
This Form 8-K/A filing from American Express Co. (AXP) concerns an amendment to a previous filing, clarifying a change in the independent registered public accountants for the American Express Incentive Savings Plan. 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 approved the future engagement of PricewaterhouseCoopers LLP (PWC). This decision followed a thorough review process as mandated by the Audit Committee's charter, which requires a review of the audit firm at least every ten years. Importantly, the amendment emphasizes that E&Y was dismissed and did not resign or decline to stand for re-election. The filing confirms that there were no disagreements with E&Y on any accounting principles, practices, disclosures, or auditing procedures during the past two fiscal years and up to the reporting date that would have caused E&Y to issue a modified report. E&Y will continue to serve as auditors for the Plan's financial statements for the year ending December 31, 2004. An exhibit contains a letter from E&Y to the SEC confirming their agreement with these statements.
Key Highlights
- 1American Express Incentive Savings Plan is changing its independent auditors for the fiscal year 2005.
- 2Ernst & Young LLP (E&Y) has been dismissed as the auditor for the 2005 fiscal year.
- 3PricewaterhouseCoopers LLP (PWC) has been approved for future engagement as the auditor for the 2005 fiscal year.
- 4The dismissal of E&Y was a decision by the Audit Committee as part of a required decennial review process.
- 5The filing explicitly states that E&Y was dismissed and did not resign or decline to stand for re-election.
- 6There were no disagreements with E&Y on accounting matters or auditing procedures during recent fiscal years.
- 7E&Y will continue to audit the Plan's financial statements for the fiscal year ending December 31, 2004.