Business Context and Reporting Period
This Form 8-K filing by Visteon Corporation (Visteon) reports a corporate governance event dated September 15, 2021, with the report filed on September 21, 2021. The filing addresses a change in the Company's independent registered public accounting firm.
Key Financial Metrics
This filing does not contain financial performance data. There are no disclosures regarding revenue, profit, cash flow, margins, debt, or liquidity in this document.
Material Changes
The primary material change reported is the replacement of the Company's independent auditor:
- Outgoing Auditor: Ernst & Young LLP (served for fiscal years ended December 31, 2019, 2020, and 2021).
- Incoming Auditor: Deloitte & Touche LLP (appointed for the fiscal year ending December 31, 2022).
- Process: The Audit Committee conducted a competitive selection process involving several international firms.
Management Commentary and Risks
Audit History and Disagreements: The filing states that Ernst & Young's reports for 2019 and 2020 did not contain adverse opinions, disclaimers, or qualifications. There were no disagreements with Ernst & Young regarding accounting principles, practices, or audit scope during the two most recent fiscal years or the interim period through September 15, 2021.
Reportable Events: No reportable events occurred during the relevant periods.
Consultations with New Auditor: The Company has not consulted with Deloitte & Touche LLP regarding accounting principles or audit opinions during the two most recent fiscal years or the interim period.
Investor Verification Checklist
- Verify the effective date of Deloitte & Touche LLP's appointment for the 2022 fiscal year.
- Review the letter from Ernst & Young (Exhibit 16.1) to confirm their agreement with the Company's statements regarding the change.
- Monitor future filings for the first financial statements audited by Deloitte & Touche LLP.