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 filing that KPMG's audit reports for fiscal 2007 and 2006 did not contain any adverse opinion or disclaimer of opinion, and there were no disagreements with KPMG on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure.
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."
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