Business Context and Reporting Period
This Form 8-K is a current report filed by Western Asset Emerging Markets Debt Fund Inc. on August 10, 2017. The filing primarily addresses a change in the registrant's certifying accountant.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance regarding the independent registered public accounting firm.
Material Changes
- Resignation of Prior Accountant: KPMG LLP resigned as the independent registered public accounting firm on August 14, 2017, at the request of the Fund.
- Engagement of New Accountant: PricewaterhouseCoopers LLP (PwC) was engaged as the new independent registered public accounting firm for the fiscal year ending December 31, 2017, effective August 14, 2017.
- Audit History: KPMG's reports for the fiscal years ended December 31, 2016, and December 31, 2015, contained no adverse opinions, disclaimers, or qualifications.
- Disagreements: There were no disagreements between the Fund and KPMG regarding accounting principles, practices, or audit scope during the two most recent fiscal years or the subsequent interim period.
Management Commentary and Risks
The Fund's Board of Directors approved the engagement of PwC upon the recommendation of the Audit Committee. Management explicitly stated that the selection of PwC does not reflect any disagreements with or dissatisfaction regarding the performance of KPMG. No "reportable events" occurred during the relevant periods. The Fund has provided KPMG with a copy of these disclosures, and KPMG's letter confirming agreement with the statements is filed as Exhibit 16.1.
Investor Verification Checklist
- Verify the effective date of the transition from KPMG to PwC (August 14, 2017).
- Review Exhibit 16.1 (KPMG's letter to the SEC) to confirm their concurrence with the Fund's disclosures.
- Confirm that no undisclosed disagreements or reportable events exist between the Fund and the former auditor.
- Note that this filing contains no financial performance data; refer to the most recent 10-K or 10-Q for financial metrics.