Business Context and Reporting Period
This Form 8-K filing by Southern Copper Corporation (Delaware) was submitted on March 20, 2009. The report details a corporate governance event regarding the change of the company's independent auditors.
Key Financial Metrics
This filing does not contain financial performance data. There are no disclosures regarding revenue, profit, cash flow, margins, debt, or liquidity in this document.
Material Changes
- Dismissal of Auditor: The Audit Committee dismissed PricewaterhouseCoopers, S.C. ("PwC") as the independent auditor.
- Appointment of New Auditor: Galaz, Yamazaki, Ruiz Urquiza, S.C. (a member of Deloitte Touche Tohmatsu) was selected as the independent auditor for 2009.
- Transition Plan: PwC will continue to provide certain services during 2009 to ensure an orderly transition.
Outlook, Risks, and Management Commentary
Shareholder Ratification: The appointment of the new auditor is subject to ratification by shareholders at the 2009 Annual Meeting scheduled for April 30, 2009.
Audit Disagreements: The company reported no disagreements with PwC during the two most recent fiscal years or the interim period through March 20, 2009, regarding accounting principles, financial statement disclosure, or auditing scope. No "reportable events" occurred during this time.
Prior Audit Opinions: PwC's reports for the past two years contained no adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
Consultation with New Auditor: The company did not consult with Galaz, Yamazaki, Ruiz Urquiza, S.C. regarding matters set forth in Item 304(a)(2)(i) and (ii) of Regulation S-K during the relevant periods.
Investor Verification Checklist
- Verify the outcome of the shareholder vote on the new auditor at the April 30, 2009 Annual Meeting.
- Review the letter from PwC to the SEC (Exhibit 16) to confirm their agreement with the company's statements regarding the dismissal.
- Monitor future filings for the first financial statements audited by the new firm to assess any changes in accounting treatment or disclosure.