Business Context and Reporting Period
This Form 8-K Current Report was filed by FORUM ENERGY TECHNOLOGIES, INC. on March 20, 2019. The filing primarily addresses a change in the Company's independent registered public accounting firm.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on corporate governance and audit matters.
Material Changes
- Change in Auditor: The Audit Committee approved the engagement of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2019.
- Dismissal of Prior Auditor: PricewaterhouseCoopers LLP (PwC) was dismissed as the independent registered public accounting firm, effective immediately.
- Audit History: PwC's audit reports for the fiscal years ended December 31, 2018, and 2017, did not contain adverse opinions, disclaimers, or qualifications.
- Disagreements: There were no disagreements between the Company and PwC regarding accounting principles, practices, or auditing scope during the relevant periods.
Outlook, Risks, and Contingencies
- Material Weakness Remediation: The filing notes a previously disclosed material weakness in internal control over financial reporting as of December 31, 2017, related to fair value measurements and goodwill impairment testing. The Company states this weakness was remediated as of December 31, 2018.
- Consultations: The Company confirmed it did not consult with Deloitte regarding accounting principles or audit opinions prior to the engagement.
- Exhibits: A letter from PwC dated March 26, 2019, responding to the SEC regarding the change in accountant, is filed as Exhibit 16.1.
Investor Verification Checklist
- Verify the effective date of the transition from PwC to Deloitte (March 20, 2019).
- Confirm the status of the remediation of the 2017 material weakness in internal controls as reported in the 2018 Form 10-K.
- Review the attached letter from PwC (Exhibit 16.1) for any additional context on the dismissal.
- Note that this filing contains no new financial results; refer to the most recent Form 10-Q or 10-K for financial data.