The audit committee of financial services conglomerate American Express Co. approved the appointment of Big Four firm PricewaterhouseCoopers as its auditor for 2005, according to a federal filing. PwC succeeds Ernst & Young as the company's independent accountant. Ernst will remain as auditor for AmEx through Dec. 31. American Express engaged PwC following an extensive RFP process. The company's audit committee conducts a mandatory review of its outside auditor every 10 years. There were no disagreements between American Express and E&Y on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.
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