Summary
This 8-K filing from General Electric Company (GE) primarily concerns a change in the independent auditors for the ITI 401(k) Plan. GE has appointed KPMG LLP to audit the Plan's financial statements for the year ended December 31, 2003, following the prior acquisition of Instrument Transformers, Inc. The previous auditor, Spence, Marston, Bunch, Morris & Co. (Spence Marston), was dismissed. Investors should note that while the dismissal of Spence Marston is routine and follows an acquisition, there were no disagreements on accounting principles or auditing matters. However, the prior auditor's report for the year ended December 31, 2001, was a limited scope audit where an opinion was disclaimed due to significant unaudited investment information certified by the Trustee. The engagement of KPMG for the 2003 audit marks a new auditor for the plan's financial statements.
Key Highlights
- 1GE has appointed KPMG LLP as the new independent auditor for the ITI 401(k) Plan's 2003 financial statements.
- 2The change in auditors is related to GE's prior acquisition of Instrument Transformers, Inc.
- 3The previous auditor, Spence, Marston, Bunch, Morris & Co., has been dismissed.
- 4There were no disagreements on any matters of accounting principles, practices, financial statement disclosure, or auditing scope/procedure with the dismissed auditor.
- 5The auditor's report for the ITI 401(k) Plan for the year ended December 31, 2001, was a limited scope audit, and an opinion was disclaimed due to unaudited investment data certified by the Trustee.
- 6The ITI 401(k) Plan did not consult with KPMG LLP on any accounting or auditing matters prior to their engagement for the 2003 audit.