Summary
This 8-K filing from Colgate-Palmolive Co. on November 28, 2006, primarily concerns the resignation of the independent registered public accounting firm for the Colgate-Palmolive Company Employees Savings & Investment Plan, Mitchell & Titus, LLP. The resignation is proactive, driven by Mitchell & Titus's upcoming membership with Ernst & Young Global Limited, aimed at avoiding potential future conflicts of interest. Importantly, the filing explicitly states there were no disagreements or reportable issues with Mitchell & Titus during their engagement, and their past audit reports were unqualified.
Key Highlights
- 1Resignation of Mitchell & Titus, LLP as the independent auditor for the Employees Savings & Investment Plan.
- 2Reason for resignation: Mitchell & Titus's impending membership with Ernst & Young Global Limited to prevent future conflicts of interest.
- 3Confirmation of no auditor independence issues or disagreements with Mitchell & Titus during their tenure.
- 4Mitchell & Titus's audit reports for the past two years were clean, with no adverse opinions, disclaimers, or qualifications.
- 5The Plan has not yet appointed a new independent registered public accounting firm.
- 6Mitchell & Titus had been engaged as the Plan's auditor since May 2002.
Frequently Asked Questions
Mitchell & Titus resigned because they are planning to become a member firm of Ernst & Young Global Limited. They chose to resign proactively to avoid any potential future conflict of interest that might arise from this affiliation.
No, the filing explicitly states that there were no disagreements on any accounting principles, practices, financial statement disclosures, or auditing procedures. Furthermore, Mitchell & Titus's audit reports for the past two fiscal years did not contain any adverse opinions, disclaimers of opinion, or qualifications.
As of the filing date (November 28, 2006), the Plan had not yet engaged a new independent registered public accounting firm.
Mitchell & Titus, LLP was engaged as the independent registered public accounting firm for the Plan in May 2002.