Business Context and Reporting Period
Company: Prospect Capital Corporation (PSEC)
Filing Type: Form 8-K (Current Report)
Date of Report: September 29, 2023
Reporting Period: Immediate event regarding the change of independent registered public accounting firm effective September 28, 2023.
Key Financial Metrics
This filing is a current report regarding a corporate governance event and does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The filing text does not provide a clear value for any financial metrics.
Material Changes
- Change in Certifying Accountant: The Audit Committee approved the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending June 30, 2024.
- Dismissal of Prior Auditor: BDO USA, P.C. was dismissed effective immediately concurrent with the appointment of Deloitte.
- Audit History: BDO's reports for fiscal years ended June 30, 2023, and 2022 did not contain adverse opinions, disclaimers, or qualifications.
- Disagreements: There were no disagreements with BDO regarding accounting principles, practices, or auditing scope during the relevant periods.
- Reportable Events: The only reportable event noted was the disclosure of material weaknesses in internal controls over financial reporting for the year ended June 30, 2022, which were remediated as disclosed in the 2023 Annual Report on Form 10-K.
Guidance, Outlook, and Risks
This filing does not contain forward-looking guidance, management commentary on future performance, or new risk factors. The primary disclosure relates to the transition of audit responsibilities and confirms that the prior auditor (BDO) agreed with the Company's disclosures regarding the change.
Investor Verification Checklist
- Verify the effective date of the new auditor (Deloitte) and the dismissal of the former auditor (BDO).
- Confirm that the prior auditor's reports for the last two fiscal years were unqualified.
- Review the Company's most recent Form 10-K to verify the remediation status of previously disclosed material weaknesses in internal controls.
- Check for any subsequent filings regarding the transition of audit responsibilities or related fees.