Business Context and Reporting Period
This Form 8-K is a current report filed by the Bristol-Myers Squibb Company Employee Incentive Thrift Plan (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 a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on administrative changes regarding the audit firm and does not contain financial performance data for the Plan or the parent company.
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.
- Historical Audit Quality: PwC's reports for fiscal years 2004 and 2003 did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, 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, disclosures, or audit scope.
- Reportable Events: No "reportable events" as defined in Item 304(a)(1)(v) of Regulation S-K occurred during the relevant period.
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, or management commentary regarding future financial performance. No risks or contingencies related to the Plan's operations were disclosed, other than the standard procedural confirmation that the Company did not consult with the new auditor (D&T) 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 auditor transition (March 14, 2006).
- Confirm the identity of the new auditor (Deloitte & Touche LLP) and the dismissed auditor (PricewaterhouseCoopers LLP).
- Review the attached letter from PwC (Exhibit 16.1) to confirm their agreement with the statements regarding the lack of disagreements or reportable events.
- Note that this filing pertains to the Employee Incentive Thrift Plan, not the consolidated financial results of Bristol-Myers Squibb Company.