Business Context and Reporting Period
This Form 8-K filing by U-Store-It Trust (operating as CubeSmart) reports a corporate governance event dated April 3, 2009, with the report filed on April 7, 2009. The filing addresses a change in the Company's independent registered public accounting firm.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on the transition of the external auditor.
Material Changes
- Dismissal of Auditor: The Audit Committee approved the dismissal of Deloitte & Touche LLP as the independent registered public accounting firm, effective April 3, 2009.
- Engagement of New Auditor: KPMG LLP was formally engaged to serve as the independent registered public accounting firm for the year ending December 31, 2009.
- Scope of New Engagement: KPMG LLP will perform procedures related to financial statements included in Quarterly Reports on Form 10-Q, commencing with the quarter ended March 31, 2009.
Management Commentary and Risks
The Audit Committee conducted a competitive process to select the new firm. The filing explicitly states that there were no disagreements between the Company and Deloitte & Touche LLP regarding accounting principles, financial statement disclosure, or auditing scope during the years ended December 31, 2007 and 2008, or through the date of dismissal. Furthermore, no "reportable events" occurred during this period. Deloitte & Touche LLP reviewed the disclosures and agreed with the statements made in the report. The Company also confirmed that no consultations occurred with KPMG LLP regarding accounting principles or reportable events prior to their engagement.
Investor Verification Checklist
- Verify the effective date of the auditor change (April 3, 2009).
- Confirm the identity of the new independent auditor (KPMG LLP).
- Review the attached letter from Deloitte & Touche LLP (Exhibit 16.1) to confirm their agreement with the dismissal disclosures.
- Monitor the upcoming Form 10-Q for the quarter ended March 31, 2009, to review the initial work performed by KPMG LLP.