Business Context and Reporting Period
This Form 8-K filing by Impinj, Inc. (PI) was submitted on April 28, 2020, reporting a corporate governance event effective immediately on that date. The company is incorporated in Delaware and trades on the Nasdaq Global Select Market.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on the change of the independent registered public accounting firm.
Material Changes
- Dismissal of Auditor: The Audit Committee dismissed PricewaterhouseCoopers LLP (PwC) as the independent registered public accounting firm, effective April 28, 2020.
- Appointment of New Auditor: The Audit Committee appointed Ernst & Young LLP (EY) as the new independent registered public accounting firm, effective April 28, 2020.
- Audit History: PwC's reports for fiscal years 2019 and 2018 contained no adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
- Disagreements: There were no disagreements with PwC on accounting principles, practices, or auditing scope during the two most recent fiscal years or the interim period through April 28, 2020.
Outlook, Risks, and Contingencies
Reportable Event: The filing notes a previously disclosed material weakness in internal control over financial reporting regarding complex accounting matters, which was remediated as of the 2018 fiscal year. This matter was discussed with PwC, and the company has authorized PwC to respond to inquiries from EY regarding this event.
Consultations: The company confirms no consultations with EY regarding accounting principles or financial statement disclosure matters during the two most recent fiscal years or the interim period prior to their appointment.
Investor Verification Checklist
- Verify the transition timeline and scope of work between PwC and EY to ensure audit continuity.
- Review the remediation status of the previously identified material weakness in internal controls over complex accounting matters.
- Confirm that the change in auditors was not precipitated by undisclosed disagreements on accounting practices.
- Monitor upcoming filings (e.g., 10-Q) for the first financial statements audited or reviewed by EY.