Business Context and Reporting Period
This Form 8-K Current Report was filed by Maiden Holdings, Ltd. on March 24, 2017, regarding events occurring on March 23, 2017. The filing 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. The document focuses exclusively on corporate governance regarding the audit firm.
Material Changes
- Resignation of Auditor: BDO USA, LLP ("BDO") resigned as the Company's independent registered public accounting firm with immediate effect on March 23, 2017.
- Appointment of New Auditor: The Audit Committee appointed Deloitte Ltd. ("Deloitte") as the new independent registered public accounting firm, effective March 23, 2017.
- Conditions: The engagement of Deloitte is subject to ratification by shareholders at the May 2017 annual general meeting and regulatory approval.
Guidance, Outlook, and Risks
Management Commentary: The Audit Committee initiated the change to recommend Deloitte for the 2017 fiscal year audit. The Company confirmed there were no "disagreements" or "reportable events" with BDO regarding accounting principles, financial statement disclosure, or auditing scope during the fiscal years ended December 31, 2015 and 2016, or through March 23, 2017.
Audit Opinions: BDO's audit reports for the years ended December 31, 2015 and 2016 did not contain any adverse opinions, disclaimers, or qualifications.
Consultations: The Company confirmed it did not consult Deloitte regarding accounting principles or audit opinions prior to the engagement.
Investor Verification Checklist
- Verify the ratification of Deloitte Ltd. at the May 2017 annual general meeting of shareholders.
- Confirm receipt of regulatory approval for the appointment of Deloitte.
- Review the letter from BDO USA, LLP (Exhibit 16.1) to ensure they agree with the statements regarding the resignation and lack of disagreements.
- Monitor future filings for the first financial statements audited by Deloitte for the 2017 fiscal year.