BILL Holdings, Inc. Form 8-K Summary
Business Context and Reporting Period
BILL Holdings, Inc. filed this Current Report on September 5, 2023, reporting a change in its independent registered public accounting firm. The relevant reporting periods were the fiscal years ended June 30, 2023 and June 30, 2022, and the interim period through September 5, 2023.
Key Financial Metrics
This filing does not provide revenue, profit, cash flow, margin, debt, liquidity, or other operating and financial metrics.
Material Changes
- On September 5, 2023, the Audit Committee dismissed Ernst & Young LLP (EY) as the company’s independent registered public accounting firm.
- The Audit Committee approved the engagement of PricewaterhouseCoopers LLP (PwC) as independent registered public accounting firm for the fiscal year ending June 30, 2024.
- EY’s audit reports for the fiscal years ended June 30, 2023 and 2022 were not adverse, disclaimed, or qualified with respect to uncertainty, audit scope, or accounting principles.
- The company reported no disagreements with EY regarding accounting principles, financial statement disclosures, or audit scope and procedures.
- The only reportable event was a previously disclosed material weakness in internal control over financial reporting related to insufficient testing, documentation, and retained evidence for certain information systems and applications within the quote-to-cash process as of June 30, 2022. The company stated that this weakness was remediated as of June 30, 2023.
Guidance, Outlook, Risks, and Unusual Items
- The filing contains no financial guidance or business outlook.
- EY was authorized to respond fully to PwC’s inquiries regarding the previously reported material weakness.
- The company provided EY with the Form 8-K disclosures and requested a letter regarding EY’s agreement with those statements. EY’s letter, dated September 7, 2023, was filed as Exhibit 16.1.
- The filing states that neither the company nor anyone acting on its behalf consulted with PwC during the two most recent fiscal years or the interim period regarding the matters specified in Regulation S-K Item 304(a)(2).
Important Facts for Investors to Verify
- Review EY’s filed Exhibit 16.1 letter for any qualifications or differing statements.
- Confirm the remediation status and supporting disclosures for the quote-to-cash internal-control material weakness in the fiscal 2023 Form 10-K.
- Monitor PwC’s audit reports and any subsequent disclosures regarding internal controls, accounting policies, or audit findings.
- Note that this Form 8-K is an auditor-change filing and does not update the company’s financial results or guidance.