Business Context and Reporting Period
This Form 6-K filing by Gold Fields Limited, dated July 23, 2018, serves as a notification of a change in external auditors. The company is incorporated in the Republic of South Africa and operates in the mining sector.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This document is strictly a governance notification regarding auditor appointment and does not contain financial performance data.
Material Changes
- Auditor Change: PricewaterhouseCoopers Inc. has been appointed as the new external auditor following a formal tender process.
- Transition Timeline: KPMG Inc.'s appointment will conclude upon completion of the audit for the financial year ending December 31, 2018, expected around the end of April 2019. PricewaterhouseCoopers Inc. will assume the role immediately thereafter, subject to shareholder approval at the annual general meeting.
- Designated Partner: Mr. Pieter Hough is the designated audit partner for the financial year ending December 31, 2019.
Outlook, Risks, and Management Commentary
Audit Quality and Disagreements: The Board and Audit Committee confirmed that KPMG Inc. delivered an audit of satisfactory quality for the year ended December 31, 2017. Audit reports for 2016 and 2017 contained no adverse opinions, disclaimers, or qualifications regarding uncertainty, scope, or accounting principles.
Disagreements: There were no disagreements between Gold Fields and KPMG Inc. during the 2016 and 2017 financial years or the interim period through July 23, 2018, regarding accounting principles, financial statement disclosures, or auditing procedures.
Key Facts for Investor Verification
- Verify the shareholder approval status of PricewaterhouseCoopers Inc. at the upcoming annual general meeting.
- Confirm the exact date of the auditor transition, expected to be around the end of April 2019.
- Note that the change in auditor was not driven by any accounting disagreements or audit scope issues with the outgoing firm.