Westwood Holdings Group Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Westwood Holdings Group, Inc. on October 3, 2015, with the earliest event reported on that date. The filing addresses a change in the Company's independent registered public accounting firm.
Financial Metrics
This filing does not contain financial performance data. There are no disclosures regarding revenue, profit, cash flow, margins, debt, or liquidity metrics.
Material Changes
The primary material change reported is the dismissal of Grant Thornton LLP as the Company's independent registered public accounting firm, effective October 7, 2015. Simultaneously, the Company engaged Deloitte & Touche LLP as its new independent registered public accounting firm, effective October 7, 2015.
- Dismissal: Grant Thornton LLP was dismissed following a comprehensive selection process by the Audit Committee.
- Engagement: Deloitte & Touche LLP was appointed to replace Grant Thornton.
Management Commentary and Risks
Management stated that Grant Thornton's reports for the years ended December 31, 2013, and December 31, 2014, contained no adverse opinions, disclaimers, or qualifications. The Company confirmed there were no "disagreements" or "reportable events" with Grant Thornton regarding accounting principles, financial statement disclosure, or auditing scope during the relevant periods.
Furthermore, the Company confirmed that no consultations were held with Deloitte regarding accounting principles or reportable events prior to their engagement. Grant Thornton has reviewed the disclosures and agreed with them, as evidenced by a letter dated October 8, 2015.
Key Facts for Investor Verification
- Verify the effective date of the auditor change (October 7, 2015).
- Confirm the absence of disagreements or reportable events with the former auditor, Grant Thornton LLP.
- Review the letter from Grant Thornton (Exhibit 16.1) confirming their agreement with the filing disclosures.
- Note that this filing contains no financial results or forward-looking guidance.