Summary
PNC Financial Services Group, Inc. (PNC) filed an 8-K report on December 18, 2001, detailing a significant change in its independent auditor. This change is driven by new Securities and Exchange Commission (SEC) rules designed to enhance auditor independence, which will restrict non-audit services provided by independent auditors to their audit clients starting in August 2002. Consequently, PNC has decided to appoint separate firms for internal audit and independent audit functions, effective fiscal year 2002. This proactive measure ensures compliance with the upcoming regulations and maintains robust auditing practices.
Key Highlights
- 1PNC is changing its independent auditor for the 2002 fiscal year due to new SEC auditor independence rules.
- 2Ernst & Young LLP will continue to audit PNC's 2001 financial statements.
- 3Deloitte & Touche LLP has been engaged to audit PNC's financial statements for fiscal year 2002.
- 4The decision to separate internal and independent audit providers was recommended by the Audit Committee and approved by the Board of Directors.
- 5The change is a proactive step to comply with SEC regulations effective August 5, 2002.
- 6There were no disagreements with Ernst & Young LLP on accounting principles or financial disclosures in the past two fiscal years.
- 7A letter from Ernst & Young LLP, as required by SEC rules, is filed as an exhibit to this report.