Business Context and Reporting Period
This Form 8-K was filed by TSS, Inc. on September 17, 2013. The report discloses a change in the Company's independent registered public accounting firm. The decision was approved by the Audit Committee on September 16, 2013.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on the administrative change of auditors.
Material Changes
- Dismissal of Auditor: Grant Thornton LLP was dismissed as the independent registered public accounting firm effective immediately on September 17, 2013.
- Engagement of New Auditor: McGladrey LLP was engaged as the independent registered public accounting firm for the third quarter ended September 30, 2013, and the fiscal year ended December 31, 2013.
- Audit History: Grant Thornton's reports for the fiscal years ended December 31, 2012, and December 31, 2011, did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, scope, or accounting principles.
- Disagreements: There were no disagreements with Grant Thornton on accounting principles, practices, or auditing scope during the two most recent fiscal years and subsequent interim periods.
- Reportable Events: No "reportable events" occurred as defined in Item 304(a)(1)(v) of Regulation S-K during the relevant periods.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future business performance. The only risk or contingency noted is the transition of audit responsibilities. Grant Thornton provided a letter to the SEC agreeing with the Company's disclosures regarding the dismissal.
Investor Verification Checklist
- Verify the effective date of the auditor change (September 17, 2013).
- Confirm that Grant Thornton issued no adverse opinions or disclaimers for fiscal years 2011 and 2012.
- Note that McGladrey provided consultation services in 2012 regarding stock option valuation using Monte Carlo simulation.
- Review Exhibit 16.1 for Grant Thornton's letter confirming agreement with the Company's statements.