Business Context and Reporting Period
This Form 8-K is a current report filed by New York City REIT, Inc. (not American Strategic Investment Co.) on March 14, 2019. 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 such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on corporate governance regarding the audit firm.
Material Changes
- Dismissal of Auditor: The Audit Committee dismissed KPMG LLP as the independent registered public accounting firm.
- Engagement of New Auditor: The Committee approved the engagement of PricewaterhouseCoopers LLP (PwC) as the new independent registered public accounting firm for the fiscal year ending December 31, 2019.
- Effective Date: Both actions were effective immediately upon the filing of the Annual Report on Form 10-K for the year ended December 31, 2018 (filed March 15, 2019).
Management Commentary, Risks, and Contingencies
Audit History and Disagreements:
- KPMG's audit reports for the years ended December 31, 2018, and 2017 did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, scope, or accounting principles.
- There were no disagreements between the Company and KPMG on accounting principles, practices, financial statement disclosures, or auditing scope/procedures during the two most recent fiscal years and the period from January 1, 2019, through March 14, 2019.
- No "reportable events" occurred during the specified periods.
Consultation with New Auditor:
- Prior to engagement, the Company did not consult PwC regarding the application of accounting principles to specified transactions or the type of audit opinion that might be rendered.
- PwC did not provide written reports or oral advice considered important factors in reaching decisions on accounting, auditing, or financial reporting issues.
- No matters subject to "disagreements" or "reportable events" were discussed with PwC prior to engagement.
Investor Verification Checklist
- Verify the effective date of the auditor change relative to the 2018 Form 10-K filing.
- Confirm the absence of disagreements or reportable events with the former auditor (KPMG) as stated in the filing.
- Review the attached Exhibit 16.1 (Letter from KPMG) to confirm their agreement with the Company's statements regarding the dismissal.
- Note that the registrant name in the filing is New York City REIT, Inc., which differs from the metadata provided in the request.