Summary
This 8-K filing from Tyco International (US) Inc. Retirement Savings and Investment Plan VI (Puerto Rico) reports the resignation of its independent registered public accounting firm, Mitchell & Titus, LLP, effective November 30, 2006. The resignation is attributed to Mitchell & Titus's expected merger with Ernst & Young Global Limited, aimed at proactively avoiding any potential future conflicts of interest arising from the consolidation. Importantly, the filing states that there have been no auditor independence issues or disagreements with Mitchell & Titus regarding accounting principles, financial statement disclosures, or auditing procedures. The report of Mitchell & Titus for the fiscal year ended December 31, 2005, was unqualified. The Plan has not yet appointed a successor accounting firm.
Key Highlights
- 1Mitchell & Titus, LLP resigned as the independent auditor for the Plan.
- 2The resignation was effective November 30, 2006.
- 3The primary reason for resignation is Mitchell & Titus's impending merger with Ernst & Young, to prevent future conflicts of interest.
- 4There were no auditor independence issues with Mitchell & Titus.
- 5No disagreements on accounting principles, disclosures, or auditing procedures occurred.
- 6The prior audit report (for FYE 2005) was unqualified.
- 7A successor auditor has not yet been appointed.