Business Context and Reporting Period
This Form 6-K filing by Michael Kors Holdings Limited (now Capri Holdings Ltd) covers the month of December 2012, with a specific reporting date of December 19, 2012. The filing addresses a corporate governance matter regarding the change of the company's independent registered public accounting firm.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is strictly informational regarding the auditor change and contains no financial performance data.
Material Changes
- Dismissal of Auditor: On December 14, 2012, the Audit Committee approved the dismissal of PricewaterhouseCoopers LLP (PwC) as the independent registered public accounting firm, effective upon the completion of audit services for the fiscal year ending March 30, 2013.
- Engagement of New Auditor: On December 14, 2012, the Audit Committee engaged Ernst & Young LLP (E&Y) as the new independent registered public accounting firm, commencing with the fiscal year ending March 29, 2014.
Management Commentary and Risks
Management confirmed that PwC's audit reports for the fiscal years ended April 2, 2011, and March 31, 2012, did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles. The company stated there were no disagreements with PwC on accounting principles, practices, or auditing scope during the relevant periods. Additionally, no reportable events as defined in Item 16F(a)(1)(v)(A) through (D) of Form 20-F occurred. The company also confirmed that neither the company nor its representatives consulted with E&Y on accounting applications or matters subject to disagreement prior to the engagement.
Key Facts for Investor Verification
- Verify the effective date of the transition from PwC to E&Y (Fiscal year ending March 29, 2014).
- Confirm the absence of any undisclosed disagreements or reportable events between the company and PwC during the two most recent fiscal years.
- Review the letter from PwC (Exhibit 1) to ensure they concur with the company's statements regarding the dismissal.