SEC Filing Summary: Consolidated-Tomoka Land Co. (Form 8-K)
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Consolidated-Tomoka Land Co. on February 6, 2012, covering events occurring on February 1, 2012. The filing addresses a change in the company's independent registered public accounting firm.
Key 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
- Accountant Dismissal: The Company notified KPMG LLP that it would be dismissed effective upon the completion of the audit for the fiscal year ended December 31, 2011, and the issuance of related reports.
- Successor Selection: The Company is currently in the process of selecting a replacement independent registered public accounting firm.
- Audit History: KPMG's audit reports for the fiscal years ended December 31, 2010, and 2009 contained no adverse opinions, disclaimers, or qualifications regarding uncertainty, scope, or accounting principles.
- No Disagreements: There were no disagreements between the Company and KPMG on accounting principles, practices, financial statement disclosures, or auditing scope/procedures during the fiscal years 2010 and 2009 and the interim period through February 1, 2012.
Guidance, Outlook, and Risks
The filing does not contain financial guidance, outlook, or management commentary on business operations. The primary risk disclosed is the transition of the external auditor, though the Company explicitly states there were no "reportable events" or disagreements leading to the dismissal.
Investor Verification Checklist
- Verify the identity of the successor independent registered public accounting firm in the subsequent Form 8-K filing.
- Review the attached letter from KPMG (Exhibit 16.1) for any additional context regarding the dismissal.
- Monitor future filings for any changes in the audit opinion or internal control assessments for the 2011 fiscal year.