Business Context and Reporting Period
Company: Willis Towers Watson Public Limited Company
Filing Type: Form 8-K (Current Report)
Date of Report: March 2, 2017
Reporting Period: The filing reports on a specific corporate governance event occurring on March 2, 2017, rather than a financial reporting period.
Key Financial Metrics
This filing does not contain financial performance data. There are no reported values for revenue, profit, cash flow, margins, debt, or liquidity in this document.
Material Changes
The primary material change disclosed is the replacement of the Company's independent registered public accounting firm:
- Outgoing Auditor: Deloitte LLP (U.K. member firm) resigned as of March 2, 2017.
- Incoming Auditor: Deloitte & Touche LLP (U.S. member firm) was engaged as of March 2, 2017.
- Rationale: The change was made to align the Company's independent auditor with the location of its key financial leadership, which now resides in the United States following the 2016 merger of Willis Group Holdings and Towers Watson & Co.
Guidance, Outlook, and Risks
Management Commentary: The Audit and Risk Committee of the Board of Directors approved the auditor change. The Company confirmed that the outgoing auditor's reports for the past two fiscal years contained no adverse opinions, disclaimers, or qualifications.
Disagreements and Contingencies: The Company stated there were no disagreements with the outgoing auditor regarding accounting principles, practices, financial statement disclosure, or auditing scope during the two most recent fiscal years. No reportable events as defined under Item 304(a)(1)(v) of Regulation S-K occurred.
Outlook: No financial guidance or future outlook is provided in this filing.
Investor Verification Checklist
- Verify the effective date of the new auditor engagement (March 2, 2017).
- Confirm the absence of any disagreements with the former auditor (Deloitte LLP) regarding accounting or auditing matters.
- Review the letter from Deloitte LLP (Exhibit 16.1) confirming their agreement with the Company's statements regarding the resignation.
- Note that this filing contains no financial results; refer to the most recent 10-K or 10-Q for financial metrics.