Business Context and Reporting Period
This Form 8-K filing by Green Plains Renewable Energy, Inc. (Green Plains) reports a corporate governance event dated June 2, 2009, with the report filed on June 4, 2009. The filing details a change in the company's independent registered public accounting firm.
Key Financial Metrics
The filing does not provide specific financial data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. It is a current report focused solely on the appointment of a new auditor.
Material Changes
- Accountant Change: The Audit Committee dismissed L.L. Bradford & Company, LLC, which had served as the principal independent accountant since 2004.
- New Appointment: KPMG LLP was selected as the independent registered public accountant for the fiscal year ending December 31, 2009.
- Effective Date: The dismissal of L.L. Bradford and the engagement of KPMG became effective upon the filing of Green Plains' Form 10-Q for the second quarter ending June 30, 2009.
Outlook, Risks, and Management Commentary
The Audit Committee stated that a periodic review of the external audit firm is beneficial to the company and its shareholders. The selection of KPMG followed a competitive process involving proposals from L.L. Bradford and other major U.S. accounting firms.
Disagreements and Reportable Events: The filing explicitly states there were no disagreements with L.L. Bradford regarding accounting principles, practices, financial statement disclosure, or auditing scope during the two most recent fiscal years or the interim period through June 2, 2009. Additionally, there were no reportable events as described in Item 304(a)(1)(v) of Regulation S-K.
Consultations: Green Plains confirmed that neither the company nor anyone on its behalf consulted KPMG regarding accounting principles or audit opinions prior to the engagement.
Investor Verification Checklist
- Verify the transition timeline between L.L. Bradford and KPMG to ensure no gap in audit coverage.
- Review the upcoming Form 10-Q for the second quarter ending June 30, 2009, to confirm KPMG's signature and audit opinion.
- Examine the attached Exhibit 16.1 (Letter from L.L. Bradford) for any additional context regarding the departure.
- Confirm that the change in auditors was not driven by undisclosed accounting disputes, as explicitly denied in the filing.