5E Advanced Materials, Inc. current report, 27 September 2022

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Business Context and Reporting Period

5E Advanced Materials, Inc. filed a Form 8-K under Item 4.01 regarding a change in its independent registered public accounting firm. The Board approved the change on September 27, 2022, for the fiscal year ending June 30, 2023. The report was signed October 3, 2022.

Financial Metrics

This filing does not provide revenue, profit, cash flow, margins, debt, liquidity, or other operating financial metrics.

Material Changes

  • The Company dismissed BDO USA, LLP as its independent registered public accounting firm.
  • The Company appointed PricewaterhouseCoopers LLP as its independent registered public accounting firm for fiscal 2023.
  • BDO’s audit reports for the fiscal years ended June 30, 2022 and June 30, 2021 contained no adverse opinions, disclaimers, or qualifications relating to uncertainty, audit scope, or accounting principles.
  • The Company reported no accounting or auditing disagreements with BDO during the stated periods.
  • The Company reported no reportable events other than a material weakness in internal control over financial reporting disclosed in its fiscal 2022 Form 10-K.
  • The Company stated that it had not consulted PwC regarding accounting principles, audit opinions, disagreements, or reportable events during the relevant periods before its appointment.

Guidance, Risks, and Unusual Items

No financial guidance or operating outlook is included. The principal control-related matter identified is the material weakness in internal control over financial reporting previously disclosed in the fiscal 2022 Form 10-K. The filing includes BDO’s letter to the SEC, dated October 3, 2022, as Exhibit 16.1.

Investor Verification Points

  • Review the fiscal 2022 Form 10-K for the nature and remediation status of the material weakness.
  • Review BDO’s Exhibit 16.1 letter for its agreement or comments regarding the Form 8-K disclosures.
  • Confirm PwC’s role and any subsequent auditor-related developments in later SEC filings.
  • Assess whether the auditor transition affects audit timing, internal controls, or future financial reporting.