Business Context and Reporting Period
This Form 8-K filing by Virtu Financial, Inc. is dated June 4, 2018. The report addresses a corporate governance event regarding the change of the company's independent registered public accounting firm.
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
The primary material change reported is the dismissal of Deloitte & Touche LLP as the independent registered public accounting firm and the simultaneous appointment of PricewaterhouseCoopers LLP (PwC) for the fiscal year ending December 31, 2018.
- Previous Auditor: Deloitte & Touche LLP was dismissed on June 4, 2018.
- New Auditor: PricewaterhouseCoopers LLP was appointed on June 4, 2018.
- Audit History: Deloitte's audit reports for the fiscal years ended December 31, 2017, and 2016, were unqualified and contained no adverse opinions, disclaimers, or modifications.
- Disagreements: The company reported no disagreements with Deloitte regarding accounting principles, practices, financial statement disclosures, or auditing scope/procedures during the relevant periods.
- Reportable Events: No reportable events occurred during the fiscal years ended December 31, 2017 and 2016, or through the date of dismissal.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary on business performance. The transition of auditors was conducted via a competitive process by the Audit Committee. The filing notes that no consultations were held with PwC regarding accounting principles or disagreements prior to their appointment.
Key Facts for Investor Verification
- Verify the content of Deloitte's letter to the SEC (Exhibit 16.1) to confirm their agreement with the company's statements regarding the dismissal.
- Confirm the effective date of PwC's engagement for the 2018 fiscal year.
- Review subsequent filings to ensure the transition of audit responsibilities did not impact the timing or quality of future financial reporting.