Business Context and Reporting Period
This Form 8-K is a current report filed by Omega Flex, Inc. on August 9, 2010, covering events occurring on August 4, 2010. The filing addresses a change in the Company's 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. The document focuses exclusively on corporate governance regarding the audit firm.
Material Changes
- Accountant Change: On August 4, 2010, the Company's Audit Committee appointed McGladrey & Pullen, LLP ("McGladrey") as the new independent registered public accounting firm.
- Reason for Change: The previous auditor, Caturano and Company, Inc. ("Caturano"), declined reappointment following the acquisition of its assets and staff by McGladrey on July 20, 2010.
- Transition Status: The change occurred after the completion of quarterly review procedures as of June 30, 2010.
Guidance, Outlook, and Risks
Forward-Looking Statements: The filing includes standard disclaimers regarding forward-looking statements, noting they are subject to uncertainties and risks that could cause actual results to differ materially from expectations. Investors are directed to the Company's Form 10-K for the fiscal year ended December 31, 2009, for a detailed discussion of risks.
Audit Disagreements: The Company confirmed there were no disagreements with Caturano regarding accounting principles, financial statement disclosures, or auditing scope during the fiscal years ended December 31, 2009 and 2008, or through August 4, 2010. Additionally, no consultations were held with McGladrey on accounting or auditing matters prior to their appointment.
Investor Verification Checklist
- Verify the letter from Caturano and Company, Inc. (Exhibit 16.1) to confirm their agreement with the Company's statements regarding the change.
- Review the Company's most recent Form 10-K for the fiscal year ended December 31, 2009, to assess historical financial performance and risk factors.
- Monitor future filings to confirm the first audit report issued by McGladrey & Pullen, LLP.