Business Context and Reporting Period
Company: Vision Marine Technologies Inc.
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Date: May 17, 2024
Reporting Period: Month of May 2024
Context: This filing discloses the departure of the Company's independent registered public accounting firm, Ernst & Young LLP ("EY"), effective May 6, 2024. EY will not stand for reappointment for the fiscal year ending August 31, 2024.
Financial Metrics
This Form 6-K does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The filing is strictly informational regarding the change in auditors.
Material Changes
- Change in Auditor: EY notified the Company on May 6, 2024, that it will not be reappointed as the independent auditor for the fiscal year ending August 31, 2024.
- Audit History: EY's audit reports for fiscal years ended August 31, 2023, and 2022, were unqualified and did not contain adverse opinions or disclaimers.
- Disagreements: There were no disagreements between the Company and EY regarding accounting principles, practices, or audit scope during the relevant periods.
- Internal Controls: EY and management previously identified material weaknesses in the Company's internal controls over financial reporting for the years ended August 31, 2023, and 2022, as disclosed in prior Form 20-F filings.
Outlook, Risks, and Management Commentary
- Replacement Process: The Audit Committee of the Board of Directors is currently interviewing and selecting a replacement independent accountant for the upcoming fiscal year audit.
- Regulatory Compliance: The Company is filing a notice of the auditor change with the Canadian Securities Administrators (SEDAR) as required by listing standards.
- SEC Correspondence: EY has provided a letter to the SEC agreeing with the statements made in this filing (filed as Exhibit 16.1).
Key Facts for Investor Verification
- Verify the identity and appointment date of the new independent registered public accounting firm.
- Review the Company's Annual Reports on Form 20-F for fiscal years 2022 and 2023 to understand the specific material weaknesses in internal controls previously identified by EY.
- Confirm the status of the remediation efforts regarding the identified internal control weaknesses.
- Monitor future filings for the appointment of the new auditor and any potential impact on the audit timeline for the fiscal year ending August 31, 2024.