8-KFinancial Events

EVERSOURCE ENERGY 8-K Report, Auditor Change (Apr 12, 2012)

Filed April 12, 2012For Securities:ES

Summary

This 8-K filing from EVERSOURCE ENERGY (ES), then operating as Northeast Utilities, reports on the change of its independent registered public accounting firm for NSTAR Electric Company, effective April 10, 2012, coinciding with the consummation of its merger with Northeast Utilities. The dismissal of PricewaterhouseCoopers LLP (PwC) and the appointment of Deloitte & Touche LLP (Deloitte) were authorized by the company's board of directors. This change is a procedural outcome of the significant merger transaction. Investors should note that the dismissal of PwC was not due to any disagreements on accounting principles or financial disclosures, nor were there any reportable disagreements. The filing also confirms that there was no prior consultation with Deloitte on accounting matters prior to their engagement. This event is primarily administrative and relates to corporate governance following a major business combination.

Key Highlights

  • 1NSTAR Electric Company's independent auditor, PricewaterhouseCoopers LLP (PwC), was dismissed effective April 10, 2012.
  • 2Deloitte & Touche LLP (Deloitte) was appointed as the new independent registered public accounting firm, also effective April 10, 2012.
  • 3The change in accountants was a direct consequence of the consummation of the merger between Northeast Utilities and NSTAR.
  • 4There were no disagreements with PwC on any matters of accounting principles, financial statement disclosure, or auditing scope/procedure.
  • 5No reportable events, as defined by Regulation S-K, occurred with PwC prior to their dismissal.
  • 6NSTAR Electric Company did not consult Deloitte regarding specific accounting transactions or audit opinions prior to their engagement.

Frequently Asked Questions

NSTAR Electric Company changed its auditor as a result of its merger with Northeast Utilities, which was consummated on April 10, 2012. This change is a standard procedure following significant corporate transactions and organizational changes.

No, the filing explicitly states that there were no disagreements with PricewaterhouseCoopers LLP (PwC) on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedure. There were also no reportable events with PwC.

The filing indicates that NSTAR Electric Company did not consult with Deloitte & Touche LLP regarding the application of accounting principles to specific transactions or the type of audit opinion prior to their engagement.

For investors, this change in auditor is primarily an administrative event related to the merger. It does not signal any underlying financial issues or accounting irregularities, as confirmed by the lack of disagreements with the outgoing auditor.