8-KFinancial EventsExhibits & Filings

BRISTOL MYERS SQUIBB CO 8-K Report, Auditor Change (Mar 17, 2006)

Filed March 17, 2006For Securities:BMYCELG-RIBMYMP

Summary

This Form 8-K filing by Bristol-Myers Squibb Company (BMY) reports a change in the independent registered public accounting firm for its Employee Incentive Thrift Plan. Effective March 14, 2006, the Audit Committee of the Board of Directors appointed Deloitte & Touche LLP (D&T) as the new auditor for the Plan, replacing PricewaterhouseCoopers LLP (PwC). D&T will be responsible for auditing the Plan's financial statements for the 2005 and 2006 fiscal years. Importantly, the filing states that the change was not prompted by any disagreements or "reportable events" with PwC. The reports issued by PwC for the 2004 and 2003 fiscal years were without adverse opinions or qualifications. The company also confirmed no prior consultations with D&T regarding accounting principles or financial reporting matters that would require disclosure. This indicates a routine change in auditors for the employee incentive plan, without any apparent red flags related to the plan's financial reporting history with the outgoing auditor.

Key Highlights

  • 1Change of independent auditor for the Bristol-Myers Squibb Employee Incentive Thrift Plan.
  • 2Deloitte & Touche LLP (D&T) appointed as the new auditor.
  • 3PricewaterhouseCoopers LLP (PwC) dismissed as the Plan's auditor.
  • 4D&T will audit the Plan for fiscal years 2005 and 2006.
  • 5No disagreements or reportable events occurred with the former auditor, PwC.
  • 6PwC's prior audit reports for 2004 and 2003 were unqualified.
  • 7No prior consultations with D&T on significant accounting or financial matters.

Frequently Asked Questions

The main purpose of this 8-K filing is to formally notify the Securities and Exchange Commission (SEC) about the change in the independent registered public accounting firm responsible for auditing the Bristol-Myers Squibb Company Employee Incentive Thrift Plan.

The filing indicates that the change was a decision made by the Audit Committee of the Board of Directors. It explicitly states there were no disagreements with the former auditors, PricewaterhouseCoopers LLP, and no 'reportable events,' suggesting this was a routine auditor rotation or a strategic choice by the company rather than a response to any issues.

This 8-K specifically concerns the Employee Incentive Thrift Plan's auditors. While changes in auditors are always noted, this particular filing does not indicate any issues with Bristol-Myers Squibb's consolidated financial statements or any immediate implications for the company's stock. It pertains to a specific employee benefit plan.

By appointing Deloitte & Touche LLP to audit for both the 2005 and 2006 fiscal years, the company is establishing a new, continuous relationship with the new auditor for the employee plan. This likely aims for efficiency and consistency in auditing procedures for the plan over these periods.