Business Context and Reporting Period
This Form 8-K Current Report was filed by Protara Therapeutics, Inc. (Nasdaq: TARA) on March 12, 2021. The filing addresses a change in the Company's independent registered public accounting firm.
Key Financial Metrics
The filing text does not provide specific financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance regarding the audit firm.
Material Changes
- Dismissal of Auditor: The Audit Committee approved the dismissal of Marcum LLP as the Company's independent registered public accounting firm.
- Appointment of New Auditor: The Audit Committee appointed Ernst & Young LLP as the new independent registered public accounting firm, subject to standard client acceptance procedures.
- Historical Context: The report notes that Ernst & Young LLP previously served as the auditor for Proteon Therapeutics, Inc. prior to its 2020 merger with ArTara Therapeutics, Inc. (now Protara).
Management Commentary and Risks
Audit Opinions and Disagreements:
- The report from Marcum LLP for the year ended December 31, 2020, did not contain an adverse opinion, disclaimer, or qualification.
- There were no disagreements with Marcum LLP regarding accounting principles, financial statement disclosure, or auditing scope during the 2020 fiscal year.
- There were no reportable events as described in Item 304(a)(1)(v) of Regulation S-K during the 2020 fiscal year.
- Similarly, the prior report from Ernst & Young LLP for Proteon for the fiscal year ended December 31, 2019, was unqualified, with no disagreements or reportable events noted.
Confirmation: Marcum LLP provided a letter dated March 17, 2021, stating that it agrees with the statements made in this filing regarding the dismissal.
Investor Verification Checklist
- Verify the completion of Ernst & Young LLP's standard client acceptance procedures.
- Review the attached letter from Marcum LLP (Exhibit 16.1) to confirm no undisclosed disagreements exist.
- Monitor future filings for the first financial statements audited by the new firm.