Driven Brands Holdings Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Driven Brands Holdings Inc. on December 3, 2021, reporting events occurring on December 1, 2021. The filing addresses a change in the Company's independent registered public accounting firm following a competitive selection process conducted by the Audit Committee.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance regarding the external auditor.
Material Changes
- Dismissal of Former Auditor: Grant Thornton LLP, which served as the independent registered public accounting firm since 2009, was dismissed effective upon the completion of the audit for the fiscal year ended December 25, 2021.
- Appointment of New Auditor: PricewaterhouseCoopers LLP (PwC) was selected to serve as the new independent registered public accounting firm for the fiscal year ending December 31, 2022, and related interim periods.
- Audit History: Grant Thornton's reports for the fiscal years ended December 28, 2019, and December 26, 2020, contained no adverse opinions, disclaimers, or qualifications.
Management Commentary and Risks
The Audit Committee confirmed that there were no disagreements with Grant Thornton regarding accounting principles, financial statement disclosures, or auditing scope during the two most recent fiscal years or the subsequent interim period. Additionally, no reportable events occurred during this timeframe. The Company confirmed that no consultations were held with PwC regarding accounting or auditing matters prior to their appointment.
Investor Verification Checklist
- Verify the execution of the engagement letter with PwC to confirm the appointment is finalized.
- Review the upcoming Form 10-K for the fiscal year ended December 25, 2021, to ensure the transition of audit responsibilities is complete.
- Confirm that Grant Thornton's letter to the SEC (Exhibit 16.1) contains no objections to the Company's disclosures regarding the dismissal.