WASHINGTON (CBS.MW) -- Mutual fund company BlackRock said Thursday it has divided its auditor services between Deloitte & Touche and Ernst & Young, ahead of new regulation that bars independent accountants from providing clients with certain nonaudit services.
Ernst & Young, previously responsible for auditing the New York-based money manager's financials, will now only provide the company with "various internal audit services," according to a filing Thursday with the Securities and Exchange Commission.
BlackRock BLK,
As of Feb. 28, Deloitte & Touche is the company's principal accountant responsible for auditing financial statements.
Effective Aug. 5, 2002, independent accountants will no longer be permitted to provide audit clients with certain nonaudit services, pursuant to a rule amendment adopted recently by the SEC.
Shares gained 60 cents to close at $44.50.
BlackRock is majority-owned by Pittsburgh-based PNC Financial Services Group PNC,
