Business Context and Reporting Period
This Form 8-K Current Report was filed by Bassett Furniture Industries, Incorporated on April 7, 2025. The report discloses a change in the Company's independent registered public accounting firm effective as of the filing date.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document is strictly a disclosure of corporate governance changes regarding the external auditor.
Material Changes
- Dismissal of Previous Auditor: The Audit Committee dismissed Ernst & Young LLP as the independent registered public accounting firm effective April 7, 2025.
- Appointment of New Auditor: The Audit Committee appointed Grant Thornton LLP as the independent registered public accounting firm for the fiscal year ending November 29, 2025.
- Audit History: The reports issued by Ernst & Young for the fiscal years ended November 30, 2024, and November 25, 2023, were unqualified and contained no adverse opinions, disclaimers, or modifications regarding uncertainty, audit scope, or accounting principles.
Management Commentary and Risks
The Company stated that there were no disagreements with Ernst & Young on matters of accounting principles, practices, financial statement disclosure, or auditing scope during the two most recent fiscal years or the interim period through April 7, 2025. Additionally, no reportable events occurred during these periods. The Company confirmed that no consultations regarding accounting principles or audit opinions were held with Grant Thornton LLP prior to their appointment. A letter from Ernst & Young LLP dated April 9, 2025, confirming their agreement with the Company's statements, is filed as Exhibit 16.1.
Investor Verification Checklist
- Verify the content of the letter from Ernst & Young LLP (Exhibit 16.1) to confirm no undisclosed disagreements exist.
- Monitor future filings for the first audit report issued by Grant Thornton LLP for the fiscal year ending November 29, 2025.
- Review the Company's upcoming 10-K or 10-Q filings to assess if the auditor change impacts financial reporting timelines or disclosures.