Business Context and Reporting Period
This Form 8-K is a current report filed by Power Solutions International, Inc. on June 12, 2012. The filing addresses a corporate governance matter regarding the appointment of the company's independent registered public accounting firm for the fiscal year ending December 31, 2012.
Financial Metrics
The filing text does not provide specific financial data such as revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on the change in the company's certifying accountant.
Material Changes
- Change in Auditor: The Audit Committee has engaged McGladrey LLP as the new independent registered public accounting firm for the fiscal year ending December 31, 2012.
- Departure of Prior Auditor: The company notified Deloitte & Touche LLP of the decision to change auditors on June 12, 2012.
- Audit History: Deloitte's audit reports for the years ended December 31, 2011, and 2010, did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, scope, or accounting principles.
- No Disagreements: There were no disagreements with Deloitte on accounting principles, practices, financial statement disclosures, or auditing scope/procedures during the 2010-2011 periods or the interim period through June 12, 2012.
- No Reportable Events: No "reportable events" as defined in Item 304(a)(1)(v) of Regulation S-K occurred during the relevant periods.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future performance. The selection of McGladrey was based on its status as a large non-"Big Four" U.S. provider and a member of RSM International. The filing notes that the company had not consulted with McGladrey regarding accounting principles or audit opinions prior to the engagement.
Key Facts for Investor Verification
- Verify the effective date of McGladrey LLP's engagement and the completion of customary acceptance procedures.
- Review the attached Exhibit 16.1 (Letter from Deloitte & Touche LLP) to confirm their agreement with the company's statements regarding the lack of disagreements.
- Monitor future filings (e.g., 10-K or 10-Q) to assess the impact of the auditor change on financial reporting and audit fees.
- Confirm that no undisclosed "reportable events" have occurred subsequent to the filing date.