01—Abstract
Summary
Summary of the 6-K filed April 8, 2011. Cited figures are marked; the original filing is the authoritative source.
Canadian Pacific Railway Limited (CP) filed a Form 6-K on April 8, 2011, reporting a significant change in its auditor.
The company announced its decision not to re-nominate PricewaterhouseCoopers LLP as its auditors for the upcoming annual and special meeting on May 12, 2011. Instead, CP intends to nominate Deloitte & Touche LLP to serve as its new auditors.
02—Key points
Key Highlights
- Canadian Pacific Railway Limited (CP) is changing its auditor.
- PricewaterhouseCoopers LLP will not be nominated for re-appointment as auditor.
- Deloitte & Touche LLP is being nominated to become the new auditor.
- The change in auditor is effective upon shareholder approval at the annual and special meeting.
- The company filed a Change of Auditor Notice with SEDAR in Canada.
- Response letters from both the outgoing and incoming auditors are included as exhibits.
03—Questions
Frequently Asked Questions
Why is Canadian Pacific changing its auditor?
The filing indicates that the company has made a decision not to nominate PricewaterhouseCoopers LLP for re-appointment as its auditors at the upcoming annual and special meeting. The specific reasons for this decision are not detailed in this filing, but it signifies a change in the company's audit oversight.
When will the new auditor be officially appointed?
The proposed appointment of Deloitte & Touche LLP as the new auditor is subject to shareholder approval at the annual and special meeting scheduled for May 12, 2011.
Are there any concerns raised by the outgoing auditor?
The filing states that response letters from both PricewaterhouseCoopers LLP and Deloitte & Touche LLP are attached as exhibits. While the content of these letters is not detailed in the summary, they typically address the circumstances of the auditor change.
What is the significance of filing a Form 6-K?
A Form 6-K is a report of foreign private issuers that provides information that the company has made or is required to make public pursuant to the laws of its home country, filed with or made public by a stock exchange, or distributed to its security holders. In this case, it serves to disclose the change in auditor to the market.
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