Bank of America's audit committee has hired PricewaterhouseCoopers to replace KPMG as the auditor for its recently acquired Countrywide Financial unit.
Countrywide, a casualty of the mortgage-lending crisis, said in a Securities and Exchange Commission
On Jan. 1, 2007, Countrywide adopted FASB Interpretation 48, "Accounting for Uncertainty in Income Taxes," and on Jan. 1, 2006, it adopted the provisions of Statement of Financial Accounting Standards No. 123R, "Share-Based Payment" (as amended) and the provisions of SFAS No. 156, "Accounting for Servicing of Financial Assets," an amendment of SFAS No. 140. Effective Dec. 31, 2006, the company adopted the provisions of SFAS No. 158, "Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans."