Business Context and Reporting Period
Company: CTS Corporation
Filing Type: Form 8-K (Current Report)
Date of Report: June 9, 2005 (Event Date: June 3, 2005)
Context: The filing reports a change in the registrant's certifying accountant.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document is strictly procedural regarding the appointment of an independent registered public accounting firm.
Material Changes
- Dismissal of Previous Auditor: On June 3, 2005, CTS Corporation dismissed PricewaterhouseCoopers LLP as its independent registered public accounting firm. This decision was recommended and unanimously approved by the Audit Committee.
- Appointment of New Auditor: Grant Thornton LLP was appointed as the new independent registered public accounting firm effective June 3, 2005.
- Audit History: Reports 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.
- Disagreements: There were no disagreements with PricewaterhouseCoopers LLP on accounting principles, practices, disclosures, or audit scope/procedures during the relevant periods.
- Reportable Events: No reportable events occurred during the years ended December 31, 2004 and 2003, or through June 3, 2005.
Guidance, Outlook, and Risks
Consultations with New Auditor: The Company has not consulted with Grant Thornton LLP regarding the application of accounting principles to specified transactions or the type of audit opinion that might be rendered. Grant Thornton LLP did not provide written reports or oral advice considered important factors in reaching decisions on accounting or auditing issues.
Exhibits: A letter from PricewaterhouseCoopers LLP addressed to the SEC, stating whether they agree with the statements in this filing, is included as Exhibit 16.1.
Investor Verification Checklist
- Verify the content of the letter from PricewaterhouseCoopers LLP (Exhibit 16.1) to confirm their stance on the dismissal.
- Review the Audit Committee's rationale for the change in auditors, which is not detailed in this summary but may be available in other disclosures.
- Monitor future filings for the first audit report issued by Grant Thornton LLP to ensure continuity in financial reporting standards.