CB Richard Ellis Group, Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by CB Richard Ellis Group, Inc. (CBRE) on March 12, 2008. The filing addresses a material change in the Company's independent registered public accounting firm.
Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance regarding the audit firm.
Material Changes
- Dismissal of Auditor: Deloitte & Touche LLP was dismissed as the Company's independent registered public accounting firm, effective March 12, 2008.
- Engagement of New Auditor: KPMG LLP was appointed as the new independent registered public accounting firm for the fiscal year ending December 31, 2008.
- Audit History: Deloitte's reports for the fiscal years ended December 31, 2007, and 2006 contained no adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
- Disagreements: The Company reported no disagreements with Deloitte during the two most recent fiscal years or through March 11, 2008, regarding accounting principles, financial statement disclosure, or auditing scope.
Outlook, Risks, and Management Commentary
The Audit Committee initiated a competitive request for proposal process in late 2007 to select the auditor for the 2008 fiscal year. The selection of KPMG was approved by the Audit Committee on March 12, 2008. The Company confirmed that KPMG was not engaged in any prior consultations during the 2006 or 2007 fiscal years regarding accounting principles or potential disagreements.
Key Facts for Investor Verification
- Verify the effective date of the auditor change (March 12, 2008).
- Confirm the identity of the new auditor (KPMG LLP) and the dismissed auditor (Deloitte & Touche LLP).
- Review the attached letter from Deloitte (Exhibit 16.1) for any additional context regarding the dismissal.
- Note that no accounting disagreements or reportable events were cited as the reason for the change.