Ameriprise 2005 Annual Report Download - page 56

Changes in and Disagreements with Accountants
on Accounting and Financial Disclosure
54 |Ameriprise Financial, Inc.
Our consolidated financial statements for the years ended
December 31, 2005, 2004 and 2003 have been audited by
Ernst & Young LLP, our independent registered public account-
ing firm.
Through 2004, Ernst & Young LLP provided audit services to
our company as part of the audit services it provided to
American Express. In 2004, the American Express Audit
Committee of its Board of Directors determined to request pro-
posals from auditing firms for their 2005 audit. This request
was made pursuant to the American Express Audit Committee
charter, which requires a detailed review of the outside audit
firm at least every ten years. At a meeting held on
November 22, 2004, the American Express Audit Committee
approved the future engagement of PricewaterhouseCoopers
LLP as the independent registered public accountants for the
fiscal year ended December 31, 2005 and dismissed Ernst &
Young LLP for the 2005 fiscal year. This decision also applied
to our company. Ernst & Young LLP continued as auditors of
American Express and our company for the year ended
December 31, 2004.
Ernst & Young LLP’s reports on our consolidated financial
statements for the fiscal years ended December 31, 2004 and
2003, did not contain an adverse opinion or a disclaimer of
opinion and were not qualified or modified as to uncertainty,
audit scope, or accounting principles.
In connection with the audits of our consolidated financial
statements for each of the two fiscal years ended
December 31, 2004 and 2003, there were no disagreements
with Ernst & Young LLP on any matters of accounting principles
or practices, financial statement disclosure, or auditing scope
or procedure, which, if not resolved to the satisfaction of
Ernst & Young LLP, would have caused Ernst & Young LLP to
make reference to the matter in their report. During the two
most recent fiscal years and subsequent interim period pre-
ceding the dismissal of Ernst & Young LLP, there were no
“reportable events” (as defined in Regulation S-K, Item
304(a)(1)(v)).
In connection with the Separation and Distribution from
American Express, on February 18, 2005, the American
Express Audit Committee of its Board of Directors dismissed
PricewaterhouseCoopers LLP and engaged Ernst & Young LLP
to be the independent registered public accountants of our
company for the year ended December 31, 2005.
PricewaterhouseCoopers LLP continues as the independent
registered public accounting firm for the consolidated financial
statements of American Express for the 2005 fiscal year.
PricewaterhouseCoopers LLP did not issue any report on our
consolidated financial statements for either of the past two
years. During the period from November 22, 2004 and
through February 18, 2005, there were no disagreements
between our company and PricewaterhouseCoopers LLP on
any matters of accounting principles or practices, financial
statement disclosures, or auditing scope or procedures,
which, if not resolved to the satisfaction of
PricewaterhouseCoopers LLP, would have caused
PricewaterhouseCoopers LLP to make reference to the matter
in their report. There have been no “reportable events,” as
defined in Item 304(a)(1)(v) of Regulation S-K, during the
period between November 22, 2004 to February 18, 2005.