Business Context and Reporting Period
This Form 6-K filing by Studio City International Holdings Limited is dated June 7, 2024. The report discloses a material corporate governance change regarding the appointment of a new independent registered public accounting firm for the fiscal year ending December 31, 2024.
Financial Metrics
The filing text does not provide specific financial data, including revenue, profit, cash flow, margins, debt, or liquidity metrics. This report is strictly informational regarding the change in auditors.
Material Changes
- Appointment of New Auditor: The Board of Directors approved the appointment of Deloitte & Touche LLP (Singapore) as the independent registered public accounting firm, effective June 7, 2024.
- Dismissal of Prior Auditor: Ernst & Young LLP (EY SG) was dismissed as the independent registered public accounting firm effective June 7, 2024.
- Scope of Change: Deloitte will also replace EY SG as the independent auditors for subsidiaries Studio City Finance Limited and Studio City Investments Limited, subject to local regulatory approval.
Management Commentary, Risks, and Contingencies
- Audit Committee Review: The change was recommended by the Audit Committee following a review process.
- Prior Audit Opinions: EY SG's audit reports for the years ended December 31, 2023, and 2022, did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, scope, or accounting principles.
- No Disagreements: There were no disagreements with EY SG on accounting principles, practices, disclosures, or auditing scope during the 2022 and 2023 fiscal years or the interim period ended June 6, 2024.
- No Reportable Events: No "reportable events" occurred as defined in Item 16F(a)(1)(v) of Form 20-F during the relevant periods.
- Consultation with New Auditor: The Company did not consult with Deloitte regarding accounting principles, audit opinions, or matters of disagreement prior to the appointment.
- Confirmation: EY SG has provided a letter (Exhibit 16.1) agreeing with the statements made in this Form 6-K.
Key Facts for Investor Verification
- Verify the effective date of the auditor transition (June 7, 2024) and the specific subsidiaries affected.
- Confirm that no disagreements or reportable events existed with the outgoing auditor, EY SG, during the 2022-2024 period.
- Monitor the status of local regulatory approvals required for Deloitte to audit the Company's Singapore-based subsidiaries.
- Review the attached letter from EY SG (Exhibit 16.1) to ensure no dissenting views were expressed regarding the change.