Business Context and Reporting Period
This Form 8-K is a current report filed by Campbell Soup Company on November 10, 2005. The filing addresses a change in the independent registered public accounting firm for the company's employee savings plans, specifically the Savings Plus Plan for Salaried Employees and the Savings Plus Plan for Hourly-Paid Employees.
Key Financial Metrics
The filing does not provide financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity for Campbell Soup Company. The document focuses exclusively on the administrative change of the auditor for the Savings Plans.
Material Changes
The primary material event is the resignation of Siegfried & Schieffer, LLC ("Siegfried") as the independent registered public accounting firm for the Savings Plans. Siegfried notified the company of its intent to resign on November 10, 2005, to transition out of its traditional CPA/consulting business to focus solely on resource services. The resignation was not recommended or approved by the Audit Committee or the Administrative Committee of the Savings Plans.
Outlook, Risks, and Management Commentary
- Audit History: Siegfried's reports on the Savings Plans' financial statements for the year ended December 31, 2004, did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
- Disagreements: There were no disagreements between the company and Siegfried regarding accounting principles, practices, financial statement disclosure, or auditing scope/procedures during the year ended December 31, 2004, and through November 10, 2005.
- Reportable Events: No "reportable events" as defined in Regulation S-K, Item 304(a)(1)(v) occurred during the relevant period.
- Next Steps: The Administrative Committee of the Savings Plans will begin reviewing possible replacements for Siegfried in the near future.
Investor Verification Checklist
- Verify the appointment of a new independent registered public accounting firm for the Savings Plans.
- Confirm that the resignation of Siegfried & Schieffer, LLC does not impact the audit of Campbell Soup Company's consolidated financial statements (the filing specifies the resignation applies only to the Savings Plans).
- Review the letter from Siegfried & Schieffer, LLC to the SEC (Exhibit 16.1) for any additional context regarding the resignation.