Business Context and Reporting Period
Company: STRATTEC SECURITY CORP
Filing Type: Form 8-K (Current Report)
Date of Report: February 23, 2010
Event: Change in Registrant's Certifying Accountant
Financial Metrics
This filing does not contain financial performance data. Revenue, profit, cash flow, margins, debt, and liquidity metrics are not reported in this document.
Material Changes
The primary material change reported is the dismissal of Grant Thornton LLP as the Company's independent public accountants and the appointment of Deloitte & Touche LLP as the new independent public accountants. This decision was approved by the Audit Committee on February 23, 2010.
Management Commentary and Risks
- Audit History: Grant Thornton's reports for fiscal years ended June 28, 2009, and June 29, 2008, did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
- Disagreements: There were no disagreements with Grant Thornton on accounting principles, practices, financial statement disclosure, or auditing scope/procedures during the two most recent fiscal years and through February 23, 2010.
- Reportable Events: No reportable events as listed in Item 304(a)(1)(v) of SEC Regulation S-K occurred during the relevant period.
- Consultation: The Company did not consult with Deloitte & Touche regarding matters set forth in Item 304(a)(2)(i) and (ii) of Regulation S-K during the specified periods.
Key Facts for Investor Verification
- Verify the attached Exhibit 16.1 (Letter from Grant Thornton LLP) for any additional context regarding the dismissal.
- Confirm the effective date of the new engagement with Deloitte & Touche LLP.
- Review subsequent filings for any restatements or changes in financial reporting resulting from the auditor transition.