Business Context and Reporting Period
This Form 8-K Current Report was filed by NCS Multistage Holdings, Inc. on March 22, 2021. The filing addresses a significant corporate governance event: the change of the company's independent registered public accounting firm.
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 the administrative change of the external auditor and does not contain financial performance data.
Material Changes
- Dismissal of Auditor: The Audit Committee dismissed PricewaterhouseCoopers LLP (PwC) as the independent registered public accounting firm, effective immediately on March 22, 2021.
- Appointment of New Auditor: The Audit Committee approved the engagement of Grant Thornton LLP (GT) as the new independent registered public accounting firm for the fiscal year ending December 31, 2021, effective upon PwC's dismissal.
- Audit History: PwC's audit reports for the fiscal years ended December 31, 2020, and 2019, were unqualified and did not contain adverse opinions, disclaimers, or modifications regarding uncertainty, scope, or accounting principles.
Outlook, Risks, and Contingencies
Disagreements and Reportable Events: The company confirmed there were no disagreements with PwC regarding accounting principles, financial statement disclosures, or auditing scope/procedures during the 2019 and 2020 fiscal years or the interim period through March 22, 2021. Additionally, no "reportable events" occurred during this timeframe.
Consultation with New Auditor: The company confirmed that neither it nor anyone acting on its behalf consulted Grant Thornton LLP regarding accounting principles, audit opinions, disagreements, or reportable events prior to the engagement.
Emerging Growth Company Status: The registrant is identified as an emerging growth company and has elected not to use the extended transition period for complying with new or revised financial accounting standards.
Investor Verification Checklist
- Verify the content of the letter from PricewaterhouseCoopers LLP (Exhibit 16.1) to confirm their agreement with the company's statements regarding the dismissal.
- Monitor future filings for the first financial statements audited by Grant Thornton LLP to assess any changes in audit scope or findings.
- Review the company's subsequent 10-K or 10-Q filings for any financial metrics or operational updates not included in this 8-K.