Business Context and Reporting Period
This Form 8-K filing by Savara Inc. is dated April 11, 2019. The report addresses a change in the Company's independent registered public accounting firm for the fiscal year ending December 31, 2019.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance regarding the audit firm.
Material Changes
The primary material change is the replacement of the Company's independent auditor:
- Previous Engagement: On March 29, 2019, the Audit Committee approved the engagement of Ernst & Young LLP (EY).
- Termination of EY: On April 10, 2019, EY declined the engagement due to a potential conflict of interest that would impair its independence under SEC rules.
- New Engagement: On April 11, 2019, the Audit Committee approved the engagement of RSM US LLP (RSM) as the new independent registered public accounting firm, subject to standard client acceptance procedures.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding business operations. The disclosed risk is the potential disruption to the audit timeline caused by the change in auditors. The Company confirmed that no consultations occurred with RSM regarding matters set forth in Item 304(a)(2) of Regulation S-K during the specified periods.
Investor Verification Checklist
- Verify the completion of RSM US LLP's client acceptance procedures.
- Confirm the timeline for the 2019 fiscal year audit given the late change in auditors.
- Review subsequent filings for any delays in the issuance of the 2019 financial statements.