Business Context and Reporting Period
This Form 8-K is a current report filed by The Prudential Employee Savings Plan (the "Plan"), a subsidiary entity of Prudential Financial Inc. The report date is June 25, 2013. The filing specifically addresses a change in the Plan'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 is strictly procedural regarding the resignation of an auditor.
Material Changes
- Accountant Resignation: Bazilio Cobb Associates resigned as the independent registered public accounting firm for the Plan, effective June 25, 2013.
- Acceptance: The resignation was accepted by the Plan's Administrative Committee on the same date.
- Successor Status: The Plan has not yet engaged a new independent registered public accounting firm.
- Audit History: Reports for fiscal years ended December 31, 2011, and December 31, 2012, contained no adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
- Disagreements: There were no disagreements with the former auditor on accounting principles, practices, disclosures, or auditing scope/procedures during the relevant periods.
- Reportable Events: No reportable events (as defined in Regulation S-K Item 304(a)(1)(v)) occurred during the relevant periods.
Guidance, Outlook, and Risks
The filing contains no management guidance, financial outlook, or discussion of business risks. The primary contingency noted is the temporary lack of an engaged independent auditor until a new firm is appointed.
Investor Verification Checklist
- Verify the identity of the new independent registered public accounting firm once engaged.
- Review the letter from Bazilio Cobb Associates (Exhibit 16.1) to confirm their agreement with the statements regarding the resignation and lack of disagreements.
- Confirm that the resignation of the Plan's auditor does not impact the audit status of the parent company, Prudential Financial Inc.