Business Context and Reporting Period
This Form 6-K filing by Teekay Tankers Ltd. is dated June 6, 2011. The report discloses a corporate governance action regarding the change of the Company's independent registered public accounting firm, effective June 1, 2011.
Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This document is a disclosure of auditor changes rather than a financial results report.
Material Changes
- Dismissal of Auditor: The Audit Committee dismissed Ernst & Young LLP (E&Y) as the independent registered public accounting firm on June 1, 2011, following a competitive request for proposal process.
- Engagement of New Auditor: The Audit Committee engaged KPMG LLP to serve as the independent registered accounting firm for the fiscal year ending December 31, 2011.
- Audit History: E&Y's reports for fiscal years 2009 and 2010 contained no adverse opinions, disclaimers, or qualifications. There were no disagreements with E&Y regarding accounting principles, practices, or audit scope during the relevant periods.
Guidance, Risks, and Contingencies
The filing does not contain financial guidance, outlook, or management commentary on market conditions. Regarding risks and contingencies:
- No Reportable Events: The Company confirmed there were no "reportable events" as defined in SEC Regulation S-K Item 304(a)(1)(v) during the fiscal years ended December 31, 2009 and 2010, or the interim period through June 1, 2011.
- Consultations with New Auditor: The Company consulted with KPMG prior to the engagement on complex accounting issues, specifically regarding the adoption of Accounting Standards Update No. 2009-17 (Variable Interest Entities) and a related-party vessel acquisition from Teekay Corporation. No other consultations regarding disagreements or reportable events occurred.
Key Facts for Investor Verification
- Verify the effective date of the auditor transition (June 1, 2011) and the rationale (competitive RFP process).
- Confirm that the outgoing auditor (E&Y) concurred with the disclosure by reviewing Exhibit 16.1.
- Confirm that the incoming auditor (KPMG) concurred with the disclosure by reviewing Exhibit 16.2.
- Note that the change in auditors was not precipitated by any disagreements on accounting principles or reportable events.