Business Context and Reporting Period
This Form 8-K Current Report was filed by Iridium Communications Inc. on March 2, 2022. The filing addresses a significant corporate governance event: the change of the company's independent registered public accounting firm.
Financial Metrics
This filing does not contain financial performance data. There are no reported figures for revenue, profit, cash flow, margins, debt, or liquidity within this document.
Material Changes
- Dismissal of Auditor: On March 2, 2022, the Audit Committee dismissed Ernst & Young LLP (EY) as the independent registered public accounting firm.
- Appointment of New Auditor: On the same date, the Audit Committee selected KPMG LLP as the new independent registered public accounting firm, effective immediately.
- Engagement Scope: KPMG officially accepted the engagement on March 3, 2022, for the fiscal year ending December 31, 2022.
Management Commentary, Risks, and Contingencies
Audit History and Disagreements: The company stated that EY's reports for the fiscal years ended December 31, 2021, and 2020, did not contain adverse opinions, disclaimers, or qualifications. Furthermore, there were no disagreements with EY regarding accounting principles, practices, financial statement disclosures, or auditing scope during these periods or through the dismissal date. No "reportable events" occurred as defined under Regulation S-K.
Consultation with New Auditor: The company confirmed that neither it nor anyone on its behalf consulted KPMG regarding the application of accounting principles or the type of audit opinion prior to the engagement. No written reports or oral advice were provided by KPMG that were considered important factors in reaching decisions on accounting or auditing issues.
Exhibits: The filing includes a letter from EY to the SEC dated March 4, 2022, responding to the change in accountant.
Key Facts for Investor Verification
- Verify the content of the attached letter from Ernst & Young LLP (Exhibit 16.1) to confirm their stance on the dismissal and any potential undisclosed issues.
- Monitor future filings (10-K or 10-Q) to assess the impact of the auditor transition on the audit timeline and financial reporting for the 2022 fiscal year.
- Review subsequent press releases or 8-K filings for any additional context regarding the rationale for the change in auditors, as the current filing does not explicitly state the reason for the dismissal.