Summary
This Form 8-K filing by Marriott International, Inc. Employees’ Profit Sharing, Retirement and Savings Plan and Trust (the "Plan") primarily announces a change in the Plan's independent auditor. Effective November 5, 2003, KPMG LLP's appointment as the Plan's principal accountant was terminated, and Ernst & Young LLP was appointed as the new principal accountant. Ernst & Young also serves as the independent auditor for Marriott International, Inc. (the "Company"). Investors should note that this change was approved by the Audit Committee of Marriott International, Inc. The filing explicitly states there were no disagreements with KPMG on any accounting principles or financial disclosures during their tenure. The auditor change itself does not directly reflect operational or financial performance of the Plan or the Company, but is a governance and administrative matter concerning the oversight of the Plan's financial statements.
Key Highlights
- 1Change in independent auditor for the Marriott Employees' Profit Sharing, Retirement and Savings Plan and Trust.
- 2KPMG LLP's appointment as principal accountant terminated on November 5, 2003.
- 3Ernst & Young LLP appointed as the new principal accountant for the Plan.
- 4Ernst & Young also serves as the independent auditor for Marriott International, Inc.
- 5The change in auditor was approved by the Audit Committee of Marriott International, Inc.
- 6No disagreements were reported between the Plan and KPMG LLP on accounting matters.
- 7The filing includes a letter from KPMG LLP dated November 7, 2003, as an exhibit.