8-KFinancial EventsExhibits & Filings

PNC FINANCIAL SERVICES GROUP, INC. 8-K Report, Auditor Change (Nov 21, 2006)

Filed November 21, 2006For Securities:PNC

Summary

PNC Financial Services Group, Inc. (PNC) filed an 8-K report on November 21, 2006, to announce a significant change in its independent auditor. Effective November 15, 2006, the Audit Committee of the Board of Directors has decided to appoint PricewaterhouseCoopers LLP (PwC) as the company's new independent registered public accounting firm for the fiscal year ending December 31, 2007. This change comes as PNC Financial Services Group concludes a review process for its 2007 audit, which included considering audit firms in addition to the incumbent, Deloitte & Touche LLP (D&T). The decision to evaluate multiple firms was partly influenced by the scheduled required rotation of the lead audit partner at D&T. Deloitte & Touche LLP will continue to serve as PNC's auditor for the completion of the 2006 audit and related reporting requirements.

Key Highlights

  • 1PNC Financial Services Group, Inc. has appointed PricewaterhouseCoopers LLP (PwC) as its new independent auditor for the 2007 fiscal year.
  • 2The change is effective November 15, 2006, following a decision by the Audit Committee of the Board of Directors.
  • 3Deloitte & Touche LLP (D&T), the previous auditor, will complete the 2006 audit and associated reporting.
  • 4The selection process involved evaluating multiple audit firms.
  • 5Scheduled rotation of the lead audit partner at D&T was a factor in the decision to review audit firms.
  • 6There were no disagreements or reportable events with the former auditor, Deloitte & Touche LLP, during the relevant periods.
  • 7PNC Financial Services Group did not consult with PwC on any matters prior to their appointment.

Frequently Asked Questions

PNC Financial Services Group is changing its independent auditor as part of a scheduled process to select auditors for the 2007 fiscal year. This process included considering multiple firms, partly due to the required rotation of the lead audit partner at their previous firm, Deloitte & Touche LLP. The Audit Committee ultimately decided to appoint PricewaterhouseCoopers LLP as the new auditor for 2007.

Yes, Deloitte & Touche LLP will continue to serve as PNC's independent registered public accounting firm until the completion of their procedures for the fiscal year ending December 31, 2006, including the audit of the consolidated financial statements and the assessment of internal control over financial reporting for the 2006 Annual Report on Form 10-K.

No, the filing explicitly states that during the years ended December 31, 2005 and 2004, and through November 15, 2006, there were no disagreements with Deloitte & Touche LLP on any accounting principles, financial statement disclosure, or auditing procedures. There were also no other reportable events.

According to the filing, PNC Financial Services Group did not consult with PricewaterhouseCoopers LLP regarding any matters or events prior to their appointment as the new independent auditor for the year ending December 31, 2007.