Business Context and Reporting Period
Company: Advanced Energy Industries, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: March 25, 2019 (Event Date)
Reporting Period: Immediate effect for dismissal; March 27, 2019 for new engagement.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The report focuses exclusively on corporate governance regarding the independent registered public accounting firm.
Material Changes
- Dismissal of Auditor: On March 25, 2019, the Audit Committee dismissed Grant Thornton LLP as the independent registered public accounting firm, effective immediately.
- Engagement of New Auditor: On March 27, 2019, the Company engaged Ernst & Young LLP (E&Y) as the independent registered public accounting firm for the fiscal year ending December 31, 2019.
- Audit History: Grant Thornton's audit reports for fiscal years ended December 31, 2018, and 2017 were unqualified and contained no adverse opinions, disclaimers, or modifications regarding uncertainty, scope, or accounting principles.
Management Commentary, Risks, and Contingencies
- No Disagreements: The Company reported no disagreements with Grant Thornton on accounting principles, practices, financial statement disclosure, or auditing scope/procedures during the two most recent fiscal years or the interim period through March 25, 2019.
- No Reportable Events: There were no "reportable events" as defined in Regulation S-K Item 304(a)(1)(v) during the relevant periods.
- Consultation with New Auditor: The Company confirmed no consultations with E&Y regarding accounting principles, audit opinions, disagreements, or reportable events prior to the engagement.
- Confirmation: Grant Thornton provided a letter to the SEC dated March 27, 2019, stating agreement with the Company's statements regarding the dismissal.
Investor Verification Checklist
- Verify the effective date of the new audit engagement with Ernst & Young LLP (March 27, 2019).
- Confirm the absence of any undisclosed disagreements or reportable events with the former auditor, Grant Thornton LLP.
- Review the letter from Grant Thornton LLP (Exhibit 16.1) filed with the SEC to ensure alignment with the Company's disclosures.
- Monitor future filings for the impact of the auditor change on the audit timeline for the fiscal year ending December 31, 2019.