Business Context and Reporting Period
Company: Newmont Mining Corporation
Filing Type: Form 8-K (Current Report)
Date of Report: June 5, 2014
Subject: Changes in Registrant's Certifying Accountant (Item 4.01)
Key Financial Metrics
This filing does not contain financial performance data. No revenue, profit, cash flow, margins, debt, or liquidity metrics are reported in this document.
Material Changes
- Dismissal of Auditor: The Audit Committee dismissed PricewaterhouseCoopers LLP (PwC) as the independent registered public accounting firm effective June 5, 2014, following over ten years of service.
- Appointment of New Auditor: Ernst & Young LLP (EY) was appointed as the new independent registered public accounting firm for the fiscal year ending December 31, 2015.
- Transition Details: PwC will complete services for the fiscal year ending December 31, 2014. EY will begin audit services for the fiscal year ending December 31, 2015.
Management Commentary and Risks
- Rationale: The change was made as part of a periodic review to rotate the independent auditor in accordance with sound corporate governance practices.
- Selection Process: The Committee conducted a competitive review process inviting four major accounting firms, including PwC.
- Audit History: PwC's audit reports for the fiscal years ended December 31, 2012, and 2013, did not contain adverse opinions, disclaimers, or qualifications.
- Disagreements: There were no disagreements between the Company and PwC regarding US GAAP, financial statement disclosure, or auditing scope/procedures during the two most recent fiscal years and the interim period through June 5, 2014.
- Reportable Events: No "reportable events" as defined in Regulation S-K occurred during the relevant periods.
- Consultations with New Auditor: The Company did not consult EY regarding accounting principles or audit opinions for the two most recent fiscal years or the interim period prior to this appointment.
Investor Verification Checklist
- Confirm the effective date of the auditor transition (June 5, 2014).
- Verify the absence of disagreements or reportable events with the outgoing auditor (PwC) as stated in the filing.
- Review the attached letter from PwC (Exhibit 16.1) for their concurrence with the Company's statements.
- Note that this filing contains no financial results; refer to the most recent 10-Q or 10-K for financial performance data.