Business Context and Reporting Period
This Form 8-K filing by YETI Holdings, Inc. (YETI) reports a change in its independent registered public accounting firm. The report date is March 1, 2021, coinciding with the filing of the Company's Annual Report on Form 10-K for the fiscal year ended January 2, 2021.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on corporate governance regarding the external auditor.
Material Changes
- Dismissal of Auditor: The Audit Committee approved the dismissal of Grant Thornton LLP on February 26, 2021, effective March 1, 2021.
- Appointment of New Auditor: PricewaterhouseCoopers LLP (PwC) was appointed as the new independent registered public accounting firm effective March 1, 2021, to audit the fiscal year ending January 1, 2022.
- Audit History: Grant Thornton's audit reports for the fiscal years ended January 2, 2021, and December 28, 2019, were unqualified and contained no adverse opinions or disclaimers.
- Disagreements and Reportable Events: There were no disagreements regarding accounting principles or auditing scope. The only reportable event was a material weakness in internal controls over financial reporting related to IT general controls (user access and program change-management), which the Company stated was remediated as of September 26, 2020.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future business performance. The primary risk disclosed relates to the transition of the external auditor and the historical material weakness in IT controls, which has been remediated.
Investor Verification Checklist
- Verify the effective date of the transition from Grant Thornton LLP to PricewaterhouseCoopers LLP.
- Confirm the status of the previously disclosed material weakness in IT general controls as remediated.
- Review the attached letter from Grant Thornton LLP (Exhibit 16.1) to ensure they agree with the Company's statements regarding the dismissal.
- Check the recently filed Form 10-K for the fiscal year ended January 2, 2021, for detailed financial metrics not included in this 8-K.