Business Context and Reporting Period
This Form 8-K filing by HubSpot, Inc. (Delaware) was submitted on March 22, 2016, with a report date of March 28, 2016. The filing addresses a change in the Company's independent registered public accounting firm.
Key Financial Metrics
This filing does not contain revenue, profit, cash flow, margin, debt, or liquidity metrics. The document focuses exclusively on corporate governance and audit firm transitions.
Material Changes
- Dismissal of Previous Auditor: On March 22, 2016, the Audit Committee dismissed Deloitte & Touche LLP as the independent registered public accounting firm, effective immediately.
- Appointment of New Auditor: On March 22, 2016, the Audit Committee approved the appointment of PricewaterhouseCoopers LLP (PwC) as the new independent registered public accounting firm. PwC confirmed completion of its internal acceptance process on March 25, 2016.
- Audit History: Deloitte's reports for fiscal years ended December 31, 2015, and 2014 contained no adverse opinions, disclaimers, or qualifications.
Management Commentary, Risks, and Contingencies
Disagreements and Reportable Events: There were no disagreements with Deloitte regarding accounting principles, practices, or audit scope. The only reportable event was a previously disclosed material weakness in internal control over financial reporting for periods ended June 30, 2015, and September 30, 2015.
Remediation of Material Weakness: The weakness stemmed from employees violating the Code of Business Conduct and Ethics, causing an entity-level control failure. The Company implemented a remediation plan in Q4 2015, including a company-wide training program and annual employee certification. The material weakness was remediated as of December 31, 2015, and did not result in financial statement misstatements.
Consultations with New Auditor: The Company confirmed no consultations with PwC regarding accounting principles, audit opinions, or matters related to disagreements or reportable events prior to their engagement.
Investor Verification Checklist
- Verify the effective date of the transition from Deloitte to PwC (March 22, 2016).
- Confirm the status of the previously disclosed material weakness in internal controls (remediated as of Dec 31, 2015).
- Review the letter from Deloitte (Exhibit 16.1) confirming agreement with the Company's statements regarding the dismissal.
- Note that no financial performance data is included in this specific filing.