Business Context and Reporting Period
Company: Reaves Utility Income Fund (UTG)
Filing Type: Form 8-K (Current Report)
Date of Report: March 12, 2024
Event Date: March 7, 2024
Context: The Fund, a Delaware corporation listed on NYSE American, reported a change in its independent registered public accounting firm.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document is strictly a disclosure regarding the appointment of a new auditor.
Material Changes
- Accountant Change: The Audit Committee and Board of Trustees voted on March 7, 2024, to appoint Cohen & Company Ltd. as the independent registered public accounting firm for the fiscal year ending October 31, 2024.
- Previous Auditor: Deloitte & Touche LLP was not reengaged for the upcoming fiscal year.
- Historical Reports: Deloitte's reports for fiscal years ended October 31, 2022, and 2023, were unqualified and did not contain adverse opinions, disclaimers, or modifications regarding uncertainty, audit scope, or accounting principles.
Guidance, Outlook, and Risks
- Consultations: The Fund confirmed no consultations with Cohen regarding accounting principles or audit opinions during the two most recent fiscal years or the interim period through March 7, 2024.
- Disagreements: There were no disagreements between the Fund and Deloitte on accounting principles, practices, financial statement disclosures, or auditing scope/procedures during the relevant periods.
- Reportable Events: No "reportable events" as defined in Regulation S-K occurred during the relevant periods.
- Procedural Compliance: Deloitte was provided a copy of this report prior to filing and submitted a letter (Exhibit 16.1) confirming agreement with the statements made in the filing.
Investor Verification Checklist
- Verify the effective date of the new engagement with Cohen & Company Ltd.
- Review Exhibit 16.1 (Letter from Deloitte) to confirm the former auditor's concurrence with the Fund's statements.
- Monitor future filings (10-K/10-Q) for the first financial statements audited by Cohen & Company Ltd.
- Confirm no undisclosed disagreements or reportable events exist between the Fund and Deloitte for the periods ending October 31, 2022, and 2023.