Business Context and Reporting Period
This Form 8-K is a current report filed by the TD Bank 401(k) Retirement Plan (the "Plan"), a plan sponsored by The Toronto-Dominion Bank. The report date is April 9, 2009, covering events related to the appointment of a new independent accountant for the Plan's fiscal year ended December 31, 2008.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document is strictly administrative regarding the change of the Plan's certifying accountant.
Material Changes
- Accountant Dismissal: MHM Mahoney Cohen CPAs (the New York Practice of Mayer Hoffman McCann P.C.) was dismissed as the independent accountant for the Plan on April 9, 2009.
- Accountant Appointment: Ernst & Young LLP was appointed as the independent accountant for the Plan on April 13, 2009, for the year ended December 31, 2008.
- Approval: The decision to change accountants was approved by the Audit Committee of the Board of Directors of TD Banknorth Inc. on December 15, 2008.
Management Commentary, Risks, and Contingencies
The filing explicitly states that there were no disagreements with the former accountant (MHM or Mahoney Cohen) regarding accounting principles, financial statement disclosures, or auditing scope during the years ended December 31, 2006 and 2007, or through April 9, 2009. Furthermore, no "reportable events" as defined under Item 304(a)(1)(v) of Regulation S-K occurred during this period. The Plan did not consult with the new accountant (Ernst & Young LLP) regarding matters set forth in Item 304(a)(2)(i) and (ii) of Regulation S-K prior to their appointment.
Investor Verification Checklist
- Verify the effective date of the new auditor's engagement (April 13, 2009) for the 2008 fiscal year.
- Confirm that the former auditor (MHM) issued no adverse opinions or disclaimers on the Plan's financial statements for 2006 and 2007.
- Note that this filing pertains to the 401(k) Plan, not the consolidated financial results of The Toronto-Dominion Bank.