Qorvo, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Qorvo, Inc. on May 18, 2018. The filing addresses a change in the Company's independent registered public accounting firm, effective upon the filing of the Annual Report on Form 10-K for the fiscal year ended March 31, 2018.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on the administrative change of the external auditor.
Material Changes
- Dismissal of KPMG LLP: The Audit Committee dismissed KPMG LLP as the independent registered public accounting firm. The dismissal was effective immediately upon the filing of the 2018 Form 10-K.
- Engagement of Ernst & Young LLP: The Audit Committee appointed Ernst & Young LLP (EY) as the new independent registered public accounting firm for the fiscal year ending March 30, 2019.
- Audit History: KPMG's audit reports for the fiscal years ended March 31, 2018, and April 1, 2017, contained no adverse opinions, disclaimers, or qualifications regarding financial statements or internal controls.
- No Disagreements: The Company reported no disagreements with KPMG on accounting principles, practices, or auditing scope during the two most recent fiscal years.
- No Prior Consultation: The Company confirmed no consultations with EY regarding accounting principles or audit opinions prior to their appointment.
Guidance, Outlook, and Risks
The filing contains no management guidance, financial outlook, or discussion of business risks. The primary contingency noted is the transition of audit responsibilities from KPMG to EY. A letter from KPMG regarding the dismissal (Exhibit 16.1) was filed concurrently.
Investor Verification Checklist
- Verify the content of the KPMG letter (Exhibit 16.1) to confirm the auditor's agreement with the Company's statements regarding the dismissal.
- Review the recently filed Form 10-K for the fiscal year ended March 31, 2018, to assess the financial condition of the company at the time of the auditor change.
- Monitor future filings for the initial audit report issued by Ernst & Young LLP for the fiscal year ending March 30, 2019.