8-KFinancial Events

BRISTOL MYERS SQUIBB CO 8-K Report, Auditor Change (May 11, 2006)

Filed May 11, 2006For Securities:BMYCELG-RIBMYMP

Summary

This 8-K filing from Bristol-Myers Squibb Company (BMY) primarily addresses a change in the independent registered public accounting firm for its Savings and Investment Program. Initially, Deloitte & Touche LLP was appointed, but they subsequently resigned due to potential independence concerns. The company then reappointed PricewaterhouseCoopers LLP to audit the Plan for the fiscal year ended December 31, 2005. This report is crucial for investors as it pertains to the oversight and audit of the company's employee savings and investment plans. While not directly impacting the core business operations or financial performance of BMY itself, it highlights internal processes related to financial reporting integrity and auditor selection for employee benefit plans. Investors should note the back-and-forth in auditor appointments, although the resolution is the reappointment of a previously engaged firm.

Key Highlights

  • 1Deloitte & Touche LLP resigned as the independent auditor for the Bristol-Myers Squibb Company Savings and Investment Program for the fiscal year 2005 due to potential independence concerns.
  • 2PricewaterhouseCoopers LLP was initially dismissed as the Plan's auditor but has been reappointed for the fiscal year ended December 31, 2005.
  • 3The change in auditors is specifically for the Savings and Investment Program, not the parent company's primary financial statements.
  • 4The Plan's Form 11-K is expected to be filed in a timely manner.
  • 5The Chief Financial Officer, Andrew R.J. Bonfield, also serves as Chairman of the Savings Plan Committee, indicating senior management oversight.

Frequently Asked Questions

The main purpose of this 8-K filing is to report a change in the independent registered public accounting firm for the Bristol-Myers Squibb Company Savings and Investment Program. It details the resignation of Deloitte & Touche LLP and the reappointment of PricewaterhouseCoopers LLP.

No, this auditor change specifically pertains to the Savings and Investment Program, which is an employee benefit plan. It does not directly indicate a change in the independent auditors for Bristol-Myers Squibb Company's consolidated financial statements.

Deloitte & Touche LLP resigned due to potential independence concerns. They had not performed any audit procedures on the Plan's financial statements prior to their resignation.

The reappointment of PricewaterhouseCoopers LLP is presented as a resolution to ensure the audit of the Savings and Investment Program for fiscal year 2005 is completed. While the initial dismissal and subsequent reappointment might raise questions about the process, the filing indicates a plan to have the audit completed by a recognized firm.