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.