Business Context and Reporting Period
This Form 6-K filing by The Toronto-Dominion Bank (TD) is a Change of Auditor Notice dated May 26, 2005. The report pertains to the month of June 2005 and details a governance decision regarding the bank's external audit firm.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This document is a regulatory notice regarding auditor selection and does not contain financial performance data.
Material Changes
The primary material change disclosed is the decision by the Board of Directors to transition from a joint audit arrangement to a sole auditor arrangement. TD currently engages both Ernst & Young LLP (E&Y) and PricewaterhouseCoopers LLP (PWC). The Board has selected E&Y to act as the sole auditor beginning with the 2006 fiscal year. PWC will cease its role as auditor upon the expiry of its current term at the next annual meeting of shareholders.
Outlook, Risks, and Contingencies
- Audit Continuity: E&Y and PWC will continue to act as joint auditors for the remainder of fiscal 2005.
- Audit History: There have been no adverse, qualified, or denied opinions in the auditors' reports for the fiscal years ended October 31, 2003, and October 31, 2004.
- Disagreements: The filing confirms there have been no reportable events, disagreements, unresolved issues, or consultations in connection with the audits of the two most recent fiscal years or any subsequent period to date.
- Confirmation: Both PWC and E&Y have reviewed the notice and confirmed their agreement with the statements contained therein.
Key Facts for Investor Verification
- TD is transitioning to a sole auditor (E&Y) starting in fiscal 2006.
- PWC is resigning as auditor effective after the next annual shareholder meeting.
- No audit disagreements or adverse opinions were reported for the 2003 or 2004 fiscal years.
- The decision was made by the Board of Directors on May 26, 2005, following a review by a Selection Committee.