Summary
Moody's Corporation (MCO) has filed an 8-K report announcing a change in its independent registered public accounting firm. Effective February 28, 2008, the company's Board of Directors, upon recommendation from the Audit Committee, has dismissed PricewaterhouseCoopers LLP (PwC) as its auditor for both the company and its Profit Participation Plan. This change is for the upcoming fiscal year 2008 and the prior fiscal year 2007 (for the plan).
Key Highlights
- 1Moody's Corporation is changing its independent auditor.
- 2PricewaterhouseCoopers LLP (PwC) has been dismissed as the auditor.
- 3KPMG LLP has been appointed as the new independent registered public accounting firm.
- 4The dismissal and appointment were effective February 28, 2008.
- 5The change affects both Moody's Corporation and its Profit Participation Plan.
- 6There were no disagreements or reportable events with PwC that would have influenced their audit reports.
- 7KPMG was not consulted by Moody's regarding accounting principles or audit opinions prior to their appointment.
Frequently Asked Questions
Moody's Corporation stated that the decision to appoint KPMG was the result of a competitive process conducted in the ordinary course of business. The report also clarifies there were no disagreements or 'reportable events' with the former auditor, PwC, that would have impacted their past audit reports.
KPMG LLP has been appointed as the new independent registered public accounting firm for Moody's Corporation and its Profit Participation Plan.
According to the filing, there were no disagreements with PricewaterhouseCoopers LLP (PwC) on any matters of accounting principles, practices, financial statement disclosure, or auditing procedures. PwC's reports on Moody's financial statements for the relevant periods did not contain adverse opinions, disclaimers of opinion, or modifications.
The dismissal of PwC and the appointment of KPMG were both approved by the Board of Directors on February 28, 2008.