Minneapolis (Nov. 13, 2002) -- Financial services conglomerate U.S. Bancorp said it would segregate its external and internal audit services beginning in 2003, as mandated by Sarbanes-Oxley.


U.S. Bancorp said it would retain Big Four firm PricewaterhouseCoopers to continue in its capacity as internal auditor under the supervision of U.S. Bancorp’s internal audit team.


The company, based here, said it planned to appoint Ernst & Young as its independent accountant.


As a result, PwC , will complete the audit of U.S. Bancorp's financial statements for the year ending Dec. 31, 2002. Upon the filing of its annual report U.S. Bancorp said Ernst & Young LLP would assume the external audit function.


-- Electronic Accountant Newswire staff

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