Business Context and Reporting Period
This Form 8-K is a current report filed by Oaktree Capital Group, LLC (the Company) on March 24, 2016. The filing addresses a specific corporate governance event regarding the Company's independent registered public accounting firm.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is strictly procedural and does not contain financial performance data.
Material Changes
- Change in Certifying Accountant: On March 24, 2016, the Audit Committee dismissed PricewaterhouseCoopers LLP (PwC) and engaged Ernst & Young LLP (E&Y) as the new independent registered public accounting firm.
- Audit History: PwC's reports for fiscal years ended December 31, 2015, and 2014 contained no adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
- Disagreements: There were no disagreements with PwC on accounting principles, practices, financial statement disclosures, or auditing scope/procedures during the 2014-2015 fiscal years or the interim period through March 24, 2016.
- Reportable Events: No reportable events occurred during the same periods.
Guidance, Outlook, and Risks
The filing does not contain guidance, outlook, or management commentary on future business performance. It confirms that the Company provided PwC with a copy of the disclosures prior to filing and that PwC submitted a letter (Exhibit 16.1) stating whether they agreed with the statements regarding the dismissal. The text notes that neither the Company nor anyone on its behalf consulted E&Y regarding accounting principles or potential audit opinions prior to the engagement.
Investor Verification Checklist
- Verify the content of the letter from PricewaterhouseCoopers LLP filed as Exhibit 16.1 to confirm their stance on the dismissal.
- Confirm the effective date of the engagement with Ernst & Young LLP for future audit cycles.
- Review subsequent filings to ensure no undisclosed disagreements or reportable events emerged post-filing.