Business Context and Reporting Period
This Form 8-K Current Report was filed by Savara Inc. on March 29, 2019. The filing addresses a material change in the Company's independent registered public accounting firm.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The report focuses exclusively on the administrative change of the external auditor.
Material Changes Versus Prior Period
- Dismissal of Auditor: On March 29, 2019, Savara Inc. dismissed PricewaterhouseCoopers LLP (PwC), which had served as the independent registered public accounting firm.
- Engagement of New Auditor: On the same date, the Audit Committee approved the engagement of Ernst & Young LLP as the new independent registered public accounting firm for the fiscal year ending December 31, 2019.
- Audit History: PwC's reports for the years ended December 31, 2018, and 2017 contained no adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
- Disagreements: The Company reported no disagreements with PwC on accounting principles, practices, or auditing scope during the relevant periods.
Guidance, Outlook, and Risks
The filing does not contain financial guidance, outlook, or management commentary on business performance. The primary risk disclosed relates to the transition of the audit firm. PwC responded to the Company's request for a letter of agreement on April 3, 2019, confirming it agreed with the statements made in the filing regarding the dismissal.
Important Facts for Investor Verification
- Verify the completion of Ernst & Young LLP's standard client acceptance procedures to confirm the effective start of the engagement.
- Review the letter from PwC (Exhibit 16.1) to ensure no undisclosed disagreements or reportable events exist.
- Monitor future filings for the first financial statements audited by the new firm to assess any potential changes in accounting treatment or disclosure.