Business Context and Reporting Period
This Form 8-K is a current report filed by the Bristol-Myers Squibb Puerto Rico, Inc. Savings and Investment Program (the "Plan") on May 5, 2006. The filing addresses a change in the Plan's independent registered public accounting firm.
Key Financial Metrics
The filing text does not provide specific financial data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The report focuses exclusively on administrative changes regarding the audit firm.
Material Changes
- Appointment: On March 14, 2006, Deloitte & Touche LLP (D&T) was appointed as the independent auditor for the 2005 and 2006 fiscal years, replacing PricewaterhouseCoopers LLP (PwC).
- Resignation: On April 11, 2006, D&T resigned as the auditor for the year ended December 31, 2005, citing potential independence concerns. No audit procedures had been performed by D&T prior to this resignation.
- Reappointment: On May 5, 2006, the Bristol-Myers Squibb Company Savings Plan Committee reappointed PwC as the Plan's auditors for the 2005 fiscal year.
Outlook and Management Commentary
Management expects the Plan's Form 11-K to be filed in a timely manner following the reappointment of PwC. The filing notes that the change in auditors was driven by independence concerns rather than disagreements over accounting principles or financial reporting.
Investor Verification Checklist
- Verify the timely filing of the Plan's Form 11-K for the 2005 fiscal year.
- Confirm that PwC has completed the audit for the 2005 fiscal year without material delays.
- Review the specific nature of the "potential independence concerns" that led to D&T's resignation, if disclosed in subsequent filings.