Business Context and Reporting Period
This Form 8-K filing by Dillard's, Inc. is dated May 4, 2009. The report discloses a change in the Company's independent registered public accounting firm for the fiscal year ending January 30, 2010.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document is strictly a disclosure regarding the appointment of a new auditor.
Material Changes
- Accountant Change: The Audit Committee dismissed Deloitte & Touche LLP, the Company's auditor since fiscal 1988, and engaged PricewaterhouseCoopers LLP (PwC) as the new independent registered public accounting firm.
- Effective Dates: The engagement of PwC was approved on May 4, 2009, and Deloitte was dismissed on May 5, 2009.
- Audit History: Deloitte's audit reports for the fiscal years ended January 31, 2009, and February 2, 2008, were unqualified and did not contain adverse opinions or disclaimers.
- Disagreements: There were no disagreements between the Company and Deloitte regarding accounting principles, practices, or auditing scope during the relevant periods.
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 audit responsibilities. The Company confirmed that PwC has no commercial relationships that would impair its independence and that no consultations with PwC occurred regarding reportable events prior to their engagement.
Investor Verification Checklist
- Verify the transition timeline between Deloitte & Touche LLP and PricewaterhouseCoopers LLP for the 2010 fiscal year.
- Review the attached letter from Deloitte (Exhibit 16) to confirm their agreement with the Company's disclosures regarding the dismissal.
- Confirm that no "reportable events" or disagreements existed during Deloitte's tenure as stated in the filing.
- Check subsequent filings for the first audit report issued by PwC to ensure a smooth transition.