KURA SUSHI USA, INC. current report, 10 February 2020

Full document

Kura Sushi USA, Inc. Form 8-K Summary

Business context and reporting period

Kura Sushi USA, Inc. filed a Form 8-K dated February 10, 2020, reporting a change in its independent registered public accounting firm. The filing covers the fiscal years ended August 31, 2018 and August 31, 2019, and the subsequent interim period through February 2020.

Key financial metrics

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

Material changes versus the prior comparable period

  • On February 10, 2020, the Audit Committee approved the dismissal of Deloitte & Touche LLP as the Company’s independent registered public accounting firm.
  • The Audit Committee appointed KPMG LLP to audit the financial statements for the fiscal year ending August 31, 2020, subject to completion of client acceptance procedures. KPMG completed those procedures on February 11, 2020.
  • Deloitte’s audit reports for the fiscal years ended August 31, 2018 and 2019 contained no adverse opinion, disclaimer, or qualification relating to uncertainty, audit scope, or accounting principles.
  • The Company reported no disagreements with Deloitte regarding accounting principles or practices, financial statement disclosure, or audit scope and procedures.
  • The Company also reported no reportable events under Item 304(a)(1)(v) of Regulation S-K.

Guidance, outlook, risks, contingencies, and unusual items

The filing contains no financial guidance or operating outlook. The accounting-firm transition is the principal unusual item. The Company stated that it did not consult with KPMG during the relevant periods regarding matters requiring disclosure under Item 304(a)(2) of Regulation S-K.

Deloitte’s letter addressing the Company’s disclosures was filed as Exhibit 16.1 and dated February 12, 2020.

Investor verification points

  • Verify KPMG’s appointment and its completion of client acceptance procedures.
  • Review Exhibit 16.1 for Deloitte’s response to the Company’s statements.
  • Confirm the absence of audit disagreements and reportable events in the relevant periods.
  • Review subsequent filings for any effects of the auditor transition on financial reporting, internal controls, or audit conclusions.