Why did U.S. Bancorp change its auditors?

U.S. Bancorp changed its independent registered public accounting firm due to the merger with Firstar Corporation. As part of the integration following the merger, the company appointed PricewaterhouseCoopers LLP, which had been Firstar's auditor, to serve as its new independent auditors, replacing Ernst & Young LLP.

Were there any disputes or disagreements with the former auditor, Ernst & Young?

No, the filing explicitly states there were no disagreements between U.S. Bancorp and Ernst & Young LLP on any matters of accounting principles, practices, financial statement disclosure, or auditing scope or procedure. Ernst & Young's reports for the past two fiscal years were also unqualified.

What is the significance of this auditor change for investors?

This auditor change is primarily a procedural step following a major corporate event (the merger). For investors, the key takeaway is the confirmation of a smooth transition with no underlying accounting issues or disagreements with the outgoing auditor, Ernst & Young. The engagement of PricewaterhouseCoopers, a reputable firm, signals a continued commitment to financial integrity.

When did this change take effect?

The dismissal of Ernst & Young LLP and the engagement of PricewaterhouseCoopers LLP as the new independent public accountants both became effective on February 27, 2001.

US BANCORP \DE\ 8-K SEC Disclosure

Summary

This 8-K filing from U.S. Bancorp (USB), filed on March 5, 2001, primarily announces a significant change in its independent registered public accounting firm. Effective February 27, 2001, following the merger with Firstar Corporation, U.S. Bancorp dismissed Ernst & Young LLP and engaged PricewaterhouseCoopers LLP (PWC) as its new auditors. This transition is a direct consequence of the recently completed merger, with PWC having previously audited Firstar. The filing assures investors that there were no disagreements with Ernst & Young regarding accounting principles, financial statement disclosures, or auditing procedures during their tenure. Ernst & Young's reports for the years ending December 31, 1999, and 2000, were unqualified. This proactive disclosure aims to maintain transparency and investor confidence during a period of corporate integration following the merger.

Key Highlights

1U.S. Bancorp has changed its independent registered public accounting firm.
2The change in auditors is a direct result of the merger between U.S. Bancorp and Firstar Corporation, which became effective on February 27, 2001.
3Ernst & Young LLP was dismissed as the independent public accountants.
4PricewaterhouseCoopers LLP (PWC) has been engaged as the new independent public accountants.
5PWC previously served as the independent public accountants for Firstar Corporation.
6There were no disagreements between U.S. Bancorp and Ernst & Young on any accounting or auditing matters.
7Ernst & Young's audit reports for fiscal years 1999 and 2000 were unqualified and contained no adverse opinions or disclaimers.

US BANCORP \DE\ 8-K Report (Mar 6, 2001)

Summary

Key Highlights

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