Business Context and Reporting Period
This Form 8-K is a current report filed by the Flowserve Corporation Retirement Savings Plan (the "Plan") on May 16, 2007. The filing addresses a change in the Plan's independent registered public accounting firm for the fiscal year ended December 31, 2006.
Key Financial Metrics
The filing text does not provide specific financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on governance and audit firm changes rather than operational financial performance.
Material Changes
- Accountant Change: The Plan dismissed PricewaterhouseCoopers LLP ("PwC") and appointed Whitley Penn LLP as its independent registered public accounting firm for the fiscal year ended December 31, 2006.
- Reason for Change: The filing explicitly states the change did not result from dissatisfaction with the quality or delivery of services by PwC.
- Continuity: PwC continues to serve as the independent registered public accounting firm for Flowserve Corporation (the Plan's sponsor).
Guidance, Outlook, and Risks
Management Commentary: The Audit Committee approved the change on May 16, 2007. The filing confirms that PwC's reports for the years ended December 31, 2005 and 2004 contained no adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
Disagreements and Reportable Events: There were no disagreements with PwC on accounting principles, practices, or auditing scope during the relevant periods. Additionally, no "reportable events" as defined in Regulation S-K occurred.
Consultations: Neither the Plan nor the Company consulted Whitley Penn regarding matters described in Item 304(a)(2)(i) and (ii) of Regulation S-K prior to the appointment.
Investor Verification Checklist
- Verify the letter from PricewaterhouseCoopers LLP (Exhibit 16.1) confirming their agreement with the statements regarding the dismissal.
- Confirm that PwC remains the auditor for Flowserve Corporation, distinct from the Retirement Savings Plan.
- Review the Plan's financial statements for the fiscal year ended December 31, 2006, once audited by Whitley Penn LLP.