Summary
This Form 8-K filing from Colgate-Palmolive Co. on June 8, 2007, primarily concerns the Colgate-Palmolive Company Employees Savings & Investment Plan. The key event reported is the appointment of Grant Thornton LLP as the new independent registered public accounting firm for the Plan, effective June 5, 2007. This appointment follows a formal proposal process and a change in the Plan Administrator's (Employee Relations Committee) auditor. The filing also clarifies the circumstances surrounding the departure of the previous auditor, Mitchell & Titus, LLP. Mitchell & Titus resigned in November 2006 to avoid potential future conflicts of interest due to their affiliation with Ernst & Young Global Limited. Importantly, the filing states that there were no disagreements on accounting principles, financial statement disclosures, or auditing procedures with Mitchell & Titus during their engagement. Furthermore, the Plan had no prior consultations with Grant Thornton regarding accounting principles, auditing opinions, or any reportable disagreements or events prior to their appointment.
Key Highlights
- 1Appointment of Grant Thornton LLP as the new independent registered public accounting firm for the Colgate-Palmolive Company Employees Savings & Investment Plan.
- 2The change in auditor was effective as of June 5, 2007.
- 3The previous auditor, Mitchell & Titus, LLP, resigned in November 2006 to avoid potential future conflicts of interest.
- 4No disagreements existed between the Plan and Mitchell & Titus on any accounting principles, practices, financial statement disclosures, or auditing procedures.
- 5The Plan had no prior consultations with Grant Thornton LLP on any accounting or auditing matters that were considered important in reaching a decision.
- 6The filing is specific to the Employees Savings & Investment Plan, not the parent Colgate-Palmolive Company's overall financial reporting.
- 7Stephen C. Patrick, Chief Financial Officer of Colgate-Palmolive Company, signed the report on behalf of the Plan.