Summary
This 8-K filing from U.S. Bancorp, dated November 13, 2002, reports a significant change in its auditing arrangements, driven by the Sarbanes-Oxley Act of 2002. The Audit Committee of the Board of Directors decided on November 8, 2002, to separate the internal and external auditing functions previously handled by PricewaterhouseCoopers LLP (PwC). As a result, Ernst & Young LLP has been appointed as the new external auditor, effective after the filing of the company's 2002 annual report on Form 10-K in early 2003. PwC will conclude the audit for the fiscal year ending December 31, 2002, and will continue to provide internal audit services under the direction of U.S. Bancorp's internal team. The filing reassures investors that PwC's prior audit reports were unqualified and that there were no disagreements regarding accounting principles or financial reporting matters.
Key Highlights
- 1U.S. Bancorp is changing its external auditors from PricewaterhouseCoopers LLP to Ernst & Young LLP.
- 2The change is a direct response to the requirements of the Sarbanes-Oxley Act of 2002, necessitating the segregation of internal and external audit functions.
- 3Ernst & Young LLP will take over as the external auditor after the filing of the 2002 Form 10-K in Q1 2003.
- 4PricewaterhouseCoopers LLP will complete the audit for the fiscal year ending December 31, 2002.
- 5PricewaterhouseCoopers LLP will continue to provide internal audit services.
- 6The filing states there were no disagreements with PricewaterhouseCoopers LLP on accounting or auditing matters in the past two years.