Business Context and Reporting Period
Company: Weyco Group, Inc. (WEYS)
Filing Type: Form 8-K (Current Report)
Date of Report: November 5, 2024
Principal Executive Offices: Milwaukee, WI
This filing reports a change in the Company's independent registered public accounting firm. The Audit Committee dismissed Baker Tilly US, LLP and appointed Deloitte & Touche LLP as the new auditor for the fiscal year ending December 31, 2025.
Key Financial Metrics
This Form 8-K does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The filing focuses exclusively on corporate governance and audit firm transitions.
Material Changes Versus Prior Period
- Accounting Firm Change: Baker Tilly US, LLP was dismissed effective November 5, 2024. Their engagement will conclude after the completion of the 2024 fiscal year audit and the filing of the related Form 10-K.
- New Auditor: Deloitte & Touche LLP was appointed as the independent registered public accounting firm for the fiscal year ending December 31, 2025.
- Historical Disagreements: There were no disagreements with Baker Tilly regarding accounting principles, practices, or audit scope for the years ended December 31, 2023 and 2022, or interim periods through November 5, 2024.
Guidance, Risks, and Contingencies
Material Weakness in Internal Controls: The filing references a material weakness in internal control over financial reporting previously disclosed in the 2023 Form 10-K. This weakness related to the ineffective design and maintenance of information technology general controls in user access and program change management.
- Status: The Company remediated this material weakness as of June 30, 2024, as disclosed in the Form 10-Q filed on August 8, 2024.
- Audit Opinion History: Baker Tilly's audit report for the year ended December 31, 2023, indicated that the Company did not maintain effective internal control over financial reporting due to this weakness. However, the financial statement audit reports for 2022 and 2023 did not contain adverse opinions, disclaimers, or qualifications.
Consultations with New Auditor: No consultations occurred with Deloitte regarding accounting principles or reportable events during the fiscal years ended December 31, 2023 and 2022, or through November 5, 2024.
Investor Verification Checklist
- Verify the remediation of the IT general controls material weakness in the most recent Form 10-Q (filed August 8, 2024).
- Review the upcoming Form 10-K for the year ended December 31, 2024, to confirm the final audit opinion from Baker Tilly.
- Monitor future filings for the initial audit report and internal control assessment from Deloitte & Touche LLP for the 2025 fiscal year.
- Confirm that no further "reportable events" or disagreements have arisen between the Company and Baker Tilly prior to the finalization of the 2024 audit.