Business Context and Reporting Period
This Form 8-K is filed by Merrill Lynch Depositor, Inc. on behalf of Indexplus Trust Series 2003-1. The report date is March 3, 2010, covering events regarding the change of the independent registered public accounting firm responsible for examining management's assertion of compliance with minimum servicing standards.
Financial Metrics
The filing does not provide revenue, profit, cash flow, margins, debt, or liquidity metrics. This report is strictly procedural regarding auditor changes and does not contain financial statement data.
Material Changes
- Departure of Auditor: Deloitte & Touche LLP (D&T) declined reappointment as the independent registered public accounting firm on March 3, 2010.
- Audit History: D&T's reports for fiscal years ended December 31, 2008, and 2007 did not contain adverse opinions or disclaimers. No disagreements regarding accounting principles or auditing scope occurred during the relevant periods.
- Appointment of New Auditor: PricewaterhouseCoopers LLP (PwC) was approved on March 4, 2010, to replace D&T for the examination of minimum servicing standards compliance.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on business outlook, or discussion of general risks. The primary disclosure relates to the transition of audit responsibilities. The Registrant confirmed that no "reportable events" or disagreements existed with the departing auditor that would have required reference in their reports.
Key Facts for Investor Verification
- Verify the effective date of PwC's engagement to ensure continuity in the examination of servicing standards.
- Confirm that the departure of Deloitte & Touche LLP was not precipitated by undisclosed disagreements or audit scope limitations.
- Review the attached Exhibit 16.1 (Letter from Deloitte & Touche LLP) to validate the Registrant's statements regarding the lack of adverse opinions or reportable events.