Why is U.S. Bancorp changing its external auditors?

U.S. Bancorp is changing its external auditors to comply with the Sarbanes-Oxley Act of 2002, which requires the separation of internal and external auditing functions. The Audit Committee decided to dismiss PricewaterhouseCoopers LLP as the external auditor and appoint Ernst & Young LLP.

Will PricewaterhouseCoopers LLP still be involved with U.S. Bancorp?

Yes, PricewaterhouseCoopers LLP will continue to provide internal audit services to U.S. Bancorp, working under the direction of the company's internal audit team.

Were there any disagreements with PricewaterhouseCoopers LLP that led to their dismissal?

No, the filing states that there were no disagreements with PricewaterhouseCoopers LLP on any matters of accounting principles, practices, financial statement disclosures, or auditing scope or procedure during the past two fiscal years and through February 28, 2003. Furthermore, no 'reportable events' occurred.

Did U.S. Bancorp seek advice from Ernst & Young LLP before appointing them?

No, the report indicates that U.S. Bancorp did not consult with Ernst & Young LLP regarding the application of accounting principles, the type of audit opinion that might be rendered, or any disagreements or reportable events during its two most recent fiscal years and up to the appointment date.

US BANCORP \DE\ 8-K SEC Disclosure

Summary

This 8-K filing by U.S. Bancorp (USB) primarily announces a change in its external auditors, effective February 28, 2003. The company has officially dismissed PricewaterhouseCoopers LLP and appointed Ernst & Young LLP as its new independent registered public accounting firm. This change follows a prior announcement in November 2002, driven by the requirements of the Sarbanes-Oxley Act of 2002, which mandated the separation of internal and external auditing functions. PricewaterhouseCoopers LLP will continue to provide internal audit services under the company's internal audit team's direction.

Key Highlights

1U.S. Bancorp has officially changed its external auditors, appointing Ernst & Young LLP.
2The dismissal of PricewaterhouseCoopers LLP as external auditors is effective February 28, 2003.
3This auditor change is a direct result of the Sarbanes-Oxley Act of 2002, requiring segregation of auditing functions.
4PricewaterhouseCoopers LLP will continue to provide internal audit services to U.S. Bancorp.
5The company confirms there were no disagreements with PricewaterhouseCoopers LLP on accounting principles or financial disclosures.
6There were also no "reportable events" with the former auditor during the specified periods.
7U.S. Bancorp did not consult with Ernst & Young LLP on accounting principles or potential audit issues prior to their appointment.

US BANCORP \DE\ 8-K Report (Mar 6, 2003)

Summary

Key Highlights

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