Business Context and Reporting Period
Company: Industrial Logistics Properties Trust (ILPT)
Filing Type: Form 8-K (Current Report)
Date of Report: June 12, 2020
Reporting Period: Immediate event reporting regarding a change in independent registered public accounting firm.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document is strictly a disclosure of a corporate governance event.
Material Changes
- Appointment of New Auditor: The Audit Committee approved the engagement of Deloitte & Touche LLP as the independent registered public accounting firm, effective immediately on June 12, 2020.
- Dismissal of Prior Auditor: Ernst & Young LLP was dismissed as the independent registered public accounting firm, effective immediately on June 12, 2020.
- Audit History: The reports issued by Ernst & Young for the years ended December 31, 2018, and December 31, 2019, were unqualified and did not contain adverse opinions, disclaimers, or modifications regarding uncertainty, audit scope, or accounting principles.
Guidance, Outlook, and Risks
Management Commentary: The filing states that there were no "disagreements" or "reportable events" between the company and Ernst & Young regarding accounting principles, financial statement disclosures, or auditing scope during the years ended December 31, 2018 and 2019, or the interim period through June 12, 2020.
Consultations: The company did not consult with Deloitte regarding accounting principles or audit opinions prior to the engagement.
Risks and Contingencies: No specific financial risks or contingencies are detailed in this filing. The primary disclosure relates to the transition of audit services.
Investor Verification Checklist
- Verify the effective date of the auditor transition (June 12, 2020).
- Confirm the absence of disagreements or reportable events with the former auditor (Ernst & Young) as stated in the filing.
- Review the attached letter from Ernst & Young (Exhibit 16.1) to confirm their agreement with the company's disclosures.
- Monitor future filings for the first financial statements audited by Deloitte & Touche LLP.