Business Context and Reporting Period
This Form 8-K is a current report filed by the Ecolab Savings Plan and ESOP (the "Plan"), a subsidiary entity of Ecolab Inc., on May 5, 2006. The filing addresses a change in the Plan's independent certifying accountant.
Key Financial Metrics
The filing text does not provide specific financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity for the Plan or Ecolab Inc. The report focuses exclusively on auditor appointment and dismissal details.
Material Changes
- Dismissal of Auditor: On May 5, 2006, the Plan Administrator dismissed PricewaterhouseCoopers LLP (PwC) as the independent auditor for the Plan.
- Appointment of New Auditor: On May 5, 2006, the Plan Administrator appointed McGladrey & Pullen, LLP as the independent auditor for the Plan, effective for the year ended December 31, 2005.
- Continuity for Parent Company: PwC will continue to serve as the independent registered public accounting firm for Ecolab Inc. (the parent company).
Management Commentary, Risks, and Contingencies
Auditor Relationship History:
- Reports by PwC for the years ended December 31, 2003, and December 31, 2004, contained no adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
- There were no disagreements between the Plan and PwC regarding accounting principles, financial statement disclosures, or auditing scope/procedures during the relevant periods.
- No "reportable events" as defined in Item 304(a)(1)(v) of Regulation S-K occurred during the relevant periods.
- The Plan had no prior consultations with McGladrey & Pullen, LLP on matters described in Item 304(a)(2)(i) and (ii) of Regulation S-K.
Exhibits: A letter from PwC dated May 5, 2006, confirming agreement with the above statements, is attached as Exhibit 16.
Investor Verification Checklist
- Verify the effective date of the new engagement agreement with McGladrey & Pullen, LLP.
- Confirm that PwC's continued role as auditor for Ecolab Inc. (the parent) remains unaffected by this change.
- Review the attached Exhibit 16 (PwC letter) for any additional context regarding the dismissal.
- Monitor future filings for the Plan's audited financial statements for the year ended December 31, 2005, prepared by the new auditor.