Summary
This Form 8-K filing from CVS Caremark Corporation (now CVS Health) announces a change in its principal independent registered public accounting firm. Effective September 26, 2007, the company dismissed KPMG LLP and engaged Ernst & Young LLP. This change was decided by the Audit Committee of the Board of Directors as part of its regular corporate governance review of the company's auditors. Importantly, the filing explicitly states there were no disagreements or reportable events with KPMG that would have necessitated specific disclosures or commentary in KPMG's audit reports for the periods ending December 30, 2006, and December 31, 2005. Ernst & Young's prior relationship with Caremark Rx, Inc. before its merger with CVS in March 2007 is noted, but the filing indicates no prior consultations with Ernst & Young on accounting or auditing matters during the relevant periods that were material to the company's decisions.
Key Highlights
- 1CVS Caremark Corporation has changed its independent registered public accounting firm.
- 2KPMG LLP was dismissed as the principal accountant effective September 26, 2007.
- 3Ernst & Young LLP has been appointed as the new independent registered public accounting firm, effective for the fiscal quarter ending September 29, 2007.
- 4The decision to dismiss KPMG was made by the Audit Committee as part of its regular review of independent auditors.
- 5There were no disagreements or reportable events with KPMG during the periods under review that would have caused them to qualify their audit opinions.
- 6KPMG's audit reports for the fiscal years ending December 30, 2006, and December 31, 2005, did not contain adverse opinions, disclaimers, or modifications.
- 7Ernst & Young had previously served as the independent auditor for Caremark Rx, Inc. prior to the merger.