Business Context and Reporting Period
This Form 8-K Current Report was filed by Senseonics Holdings, Inc. on March 9, 2022. The report addresses a change in the Company's independent registered public accounting firm.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance regarding the external auditor.
Material Changes
- Dismissal of Previous Auditor: On March 9, 2022, the Audit Committee dismissed Ernst & Young LLP (EY) as the independent registered public accounting firm, effective immediately.
- Engagement of New Auditor: On March 9, 2022, the Audit Committee engaged KPMG LLP as the new independent registered public accounting firm for the fiscal year ending December 31, 2022. KPMG officially accepted the engagement on March 15, 2022.
- Audit History: EY's audit reports for fiscal years ended December 31, 2020, and 2021 did not contain adverse opinions, disclaimers, or modifications regarding uncertainty, scope, or accounting principles.
Management Commentary and Risks
Management stated that the change in accounting firm was not the result of any disagreements with EY regarding accounting principles, financial statement disclosures, or auditing scope. There were no "reportable events" during the relevant periods. The Company confirmed that no consultations were held with KPMG regarding accounting principles or disagreements prior to the engagement.
Investor Verification Checklist
- Verify the attached letter from Ernst & Young LLP (Exhibit 16.1) to confirm their agreement with the Company's statements regarding the dismissal.
- Confirm the effective date of KPMG's engagement for the 2022 fiscal year.
- Review subsequent filings to ensure no undisclosed disagreements or reportable events are later revealed.