Business Context and Reporting Period
This Form 8-K Current Report was filed by Monolithic Power Systems, Inc. on March 18, 2019. The filing addresses a change in the Company's independent registered public accounting firm for the fiscal year ending December 31, 2019.
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
- Appointment of New Auditor: The Audit Committee approved the appointment of Ernst & Young LLP (EY) as the independent registered public accounting firm for the year ending December 31, 2019.
- Dismissal of Prior Auditor: Deloitte & Touche LLP (Deloitte) was dismissed from the role of independent registered public accounting firm. Deloitte was notified of this dismissal on March 20, 2019.
- Audit History: Deloitte's reports for the years ended December 31, 2018, and 2017, including those on internal controls, contained no adverse opinions, disclaimers, or qualifications.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future business performance. Regarding risks and contingencies related to the auditor change:
- No Disagreements: There were no "disagreements" with Deloitte on accounting principles, practices, financial statement disclosure, or auditing scope/procedures during 2017, 2018, or the interim period through March 18, 2019.
- No Reportable Events: There were no "reportable events" as defined by Regulation S-K during the same periods.
- Consultation with New Auditor: The Company had not consulted with EY regarding accounting principles, audit opinions, or matters involving disagreements or reportable events prior to this appointment.
Investor Verification Checklist
- Verify the effective date of the transition from Deloitte to EY for the 2019 fiscal year audit.
- Review the attached Exhibit 16.1 (Letter from Deloitte) to confirm the former auditor's concurrence with the Company's disclosures.
- Confirm that no undisclosed disagreements or reportable events exist between the Company and Deloitte for the 2017 and 2018 fiscal years.