Why has General Electric changed the auditor for the Amersham Biosciences Corp Employee Savings Plan?

The change in auditor is a direct result of General Electric's acquisition of Amersham plc. As part of integrating the acquired entity, GE has appointed its own designated auditor, KPMG LLP, to oversee the audit of the Amersham Biosciences Corp Employee Savings Plan's financial statements.

Were there any issues or disagreements with the previous auditor, PricewaterhouseCoopers (PWC)?

No, the filing explicitly states that there were no disagreements with PWC on any accounting principles, financial statement disclosures, or auditing procedures. Furthermore, there were no 'reportable events' as defined by SEC regulations during the periods in question. PWC has also provided a letter confirming their agreement with the statements made in this filing.

What is the significance of this auditor change for GE investors?

For investors, this is primarily a routine procedural change following a significant acquisition. It indicates that GE is integrating its acquired assets and their associated financial reporting processes. The absence of any disagreements with the previous auditor suggests a smooth transition and no underlying accounting concerns that would be a red flag for investors.

What period will the new auditor, KPMG, be auditing?

KPMG LLP has been engaged to audit the Amersham Biosciences Corp Employee Savings Plan's financial statements for the year ended December 31, 2003.

GE 8-K SEC Disclosure — Jul 9, 2004

Summary

This 8-K filing for General Electric Company (GE) reports a change in the independent auditors for the Amersham Biosciences Corp Employee Savings Plan. Following GE's acquisition of Amersham plc, KPMG LLP has been engaged to audit the Plan's financial statements for the year ended December 31, 2003. PricewaterhouseCoopers LLP (PWC) was dismissed as the auditor on May 14, 2004. The filing explicitly states that there were no disagreements or reportable events with PWC during the period in question, and PWC has provided a letter of agreement. This change in auditors is a direct consequence of the acquisition and is a standard procedural step to align auditing firms post-transaction.

Key Highlights

1General Electric (GE) has changed the independent auditor for the Amersham Biosciences Corp Employee Savings Plan.
2KPMG LLP has been appointed as the new auditor for the Plan's 2003 financial statements.
3PricewaterhouseCoopers LLP (PWC) was dismissed as the auditor on May 14, 2004.
4The auditor change is a result of GE's acquisition of Amersham plc.
5No disagreements or reportable events occurred between the Plan and PWC.
6PWC has confirmed its agreement with the statements made in this filing.
7The engagement of KPMG was approved by GE's Audit Committee.

GENERAL ELECTRIC CO 8-K Report (Jul 9, 2004)

Summary

Key Highlights

Frequently Asked Questions