Business Context and Reporting Period
This Form 8-K is filed by the CTS Corporation Retirement Savings Plan (the "Plan"), not CTS Corporation itself. The report covers the event date of July 26, 2005, with the filing date of August 10, 2005. The document addresses a change in the Plan's independent registered public accounting firm.
Key Financial Metrics
The filing text does not provide revenue, profit, cash flow, margins, debt, or liquidity metrics. This report is strictly administrative regarding the appointment of auditors for the retirement plan.
Material Changes
- Dismissal of Previous Auditor: On July 26, 2005, the Plan dismissed PricewaterhouseCoopers LLP as its independent registered public accounting firm. This decision was recommended and approved by the CTS Corporation Benefit Plan Administration Committee.
- Appointment of New Auditor: The Committee appointed McGladrey & Pullen LLP as the new independent registered public accounting firm, effective August 9, 2005.
Management Commentary, Risks, and Contingencies
Audit History and Disagreements:
- The reports issued by PricewaterhouseCoopers LLP for the years ended December 31, 2004, and 2003 contained no adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
- There were no disagreements with PricewaterhouseCoopers LLP on accounting principles, practices, financial statement disclosures, or auditing scope/procedures during the relevant periods.
- No "reportable events" (as defined in Item 304(a)(1)(v) of Regulation S-K) occurred during the relevant periods.
Consultation with New Auditor:
- During the two most recent fiscal years and through August 9, 2005, the Plan did not consult with McGladrey & Pullen LLP regarding the application of accounting principles to specified transactions or the type of audit opinion that might be rendered.
- McGladrey & Pullen LLP did not provide written reports or oral advice considered important factors in the Plan's decisions on accounting, auditing, or financial reporting issues.
Contingencies: The Plan has requested a letter from PricewaterhouseCoopers LLP addressed to the SEC stating whether they agree with the statements in this filing. A copy of that letter will be filed as an amendment to this Form 8-K.
Important Facts for Investor Verification
- Verify the identity of the registrant: This filing concerns the CTS Corporation Retirement Savings Plan, not the operating company CTS Corporation.
- Confirm the effective dates: PricewaterhouseCoopers LLP was dismissed on July 26, 2005, and McGladrey & Pullen LLP was appointed on August 9, 2005.
- Check for the forthcoming amendment: Investors should monitor for the amendment containing PricewaterhouseCoopers LLP's response letter to the SEC.
- Note the absence of audit disputes: The filing explicitly states there were no disagreements or reportable events with the former auditor.