RBC Bearings Incorporated - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by RBC Bearings Incorporated on January 27, 2011, regarding events occurring on January 22, 2011. The filing addresses a change in the Company's independent registered public accounting firm.
Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report is strictly procedural regarding auditor changes and does not contain financial performance data.
Material Changes
- Dismissal of Auditor: On January 22, 2011, the Company dismissed PricewaterhouseCoopers LLP (PwC) as its independent registered public accounting firm with the approval of the Audit Committee.
- Appointment of New Auditor: On January 27, 2011, the Company appointed Ernst & Young LLP (E&Y) as its new independent registered public accounting firm for the fiscal year ending April 2, 2011.
- Historical Relationship: E&Y previously audited the Company for fiscal years ended April 3, 2010, and March 28, 2009.
Management Commentary and Risks
Management confirmed that during the period PwC served as auditor (June 10, 2010, through January 22, 2011), no audits were performed. The Company stated there were no disagreements with PwC regarding accounting principles, financial statement disclosures, or auditing scope. Additionally, no "reportable events" as defined in Regulation S-K occurred during this period. The Company confirmed no consultations with E&Y regarding accounting matters prior to their appointment.
Key Facts for Investor Verification
- Verify the content of the letter from PricewaterhouseCoopers LLP (Exhibit 16.1) to confirm their agreement with the Company's statements regarding the dismissal.
- Confirm the effective date of the transition to Ernst & Young LLP for the fiscal year ending April 2, 2011.
- Note that no financial audits were conducted by PwC during their brief tenure from June 2010 to January 2011.