Business Context and Reporting Period
This Form 8-K is a current report filed by Legg Mason BW Global Income Opportunities Fund Inc. on August 10, 2017. The filing addresses a change in the registrant's certifying accountant.
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 audit firm.
Material Changes
- Resignation of Auditor: KPMG LLP resigned as the independent registered public accounting firm on August 14, 2017, at the request of the Fund.
- Engagement of New Auditor: PricewaterhouseCoopers LLP (PwC) was engaged as the new independent registered public accounting firm, effective August 14, 2017, for the fiscal year ending October 31, 2017.
- Audit History: KPMG's reports for the fiscal years ended October 31, 2016, and October 31, 2015, were unqualified and contained no adverse opinions or disclaimers.
Management Commentary and Risks
Management explicitly stated that the selection of PwC does not reflect any disagreements with or dissatisfaction regarding the performance of KPMG. The Fund confirmed there were no disagreements with KPMG on accounting principles, practices, or audit scope during the two most recent fiscal years or the subsequent interim period. Additionally, no "reportable events" occurred during this timeframe. The Fund confirmed no prior consultations with PwC regarding accounting principles or audit opinions prior to their engagement.
Investor Verification Checklist
- Verify the effective date of the transition from KPMG to PwC (August 14, 2017).
- Confirm that the resignation was initiated by the Fund and not due to audit disputes.
- Review the attached Exhibit 16.1 (KPMG's letter to the SEC) to ensure the auditor agrees with the Fund's disclosures regarding the lack of disagreements.
- Monitor future filings for the first audit report issued by PwC for the fiscal year ending October 31, 2017.