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 March 14, 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 metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The document is strictly procedural regarding the appointment of auditors.
Material Changes
- Change in Auditor: On March 14, 2006, the Audit Committee appointed Deloitte & Touche LLP ("D&T") as the independent auditors for the 2005 and 2006 fiscal years.
- Dismissal of Prior Auditor: PricewaterhouseCoopers LLP ("PwC") was dismissed as the Plan's auditors.
- Scope of Work: D&T is auditing the Plan's financial statements for the fiscal year ended December 31, 2005.
Management Commentary and Risks
- Audit History: PwC's reports for the fiscal years ended December 31, 2004, and 2003 did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
- Disagreements: There were no disagreements between the Plan and PwC during the two most recent fiscal years regarding accounting principles, practices, financial statement disclosure, or auditing scope/procedure.
- Reportable Events: No "reportable events" as defined in Item 304(a)(1)(v) of Regulation S-K occurred during the two most recent fiscal years.
- Consultations: The Company did not consult with D&T regarding matters set forth in Item 304(a)(2)(i) and (ii) of Regulation S-K prior to the appointment.
Investor Verification Checklist
- Verify the effective date of the auditor transition (March 14, 2006).
- Confirm the absence of disagreements or reportable events with the former auditor, PwC.
- Review Exhibit 16.1 (Letter from PwC) to confirm their agreement with the statements made in this filing.
- Note that this filing pertains specifically to the Puerto Rico Savings and Investment Program, not the consolidated financial results of Bristol-Myers Squibb Company.