Business Context and Reporting Period
Company: PennantPark Investment Corporation (NASDAQ: PNNT)
Filing Type: Form 8-K (Current Report)
Date of Report: November 21, 2013
Event: Change in Registrant's Certifying Accountant
Key Financial Metrics
This filing does not contain financial performance data. The document reports a corporate governance event regarding the dismissal and engagement of independent registered public accounting firms. No revenue, profit, cash flow, margin, debt, or liquidity figures are provided in this text.
Material Changes
- Dismissal of Auditor: On November 21, 2013, the Board of Directors dismissed KPMG LLP as the Company's independent registered public accounting firm. KPMG served as auditor for the fiscal years ended September 30, 2012, and 2013.
- Engagement of New Auditor: On November 21, 2013, the Board engaged McGladrey LLP to serve as the independent registered accounting firm for the fiscal year ending September 30, 2014.
- Audit History: KPMG's audit reports for the 2012 and 2013 fiscal years contained no adverse opinions, disclaimers, or qualifications. There were no disagreements with KPMG regarding accounting principles, practices, or audit scope during their tenure.
Guidance, Outlook, and Risks
Management Commentary: The change in auditors was recommended by the Audit Committee. The Company confirmed that there were no "reportable events" or disagreements with the outgoing firm. McGladrey LLP was not consulted regarding accounting principles or reportable events prior to their engagement.
Risks and Forward-Looking Statements: The filing includes standard forward-looking statements disclaiming guarantees of future performance. It notes that actual results may differ materially due to various risks and uncertainties described in other SEC filings.
Investor Verification Checklist
- Verify the content of the letter from KPMG LLP (Exhibit 16.1) to confirm their agreement with the Company's statements regarding the dismissal.
- Review the Company's most recent 10-K or 10-Q filings to obtain actual financial performance metrics, as this 8-K contains none.
- Monitor future filings for the transition of audit responsibilities to McGladrey LLP for the fiscal year ending September 30, 2014.