UiPath, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by UiPath, Inc. on April 14, 2022. The filing reports a change in the Company's independent registered public accounting firm. UiPath is an emerging growth company incorporated in Delaware, with its principal executive offices in New York, New York.
Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on the administrative change of the external auditor.
Material Changes
The primary material change reported is the dismissal of Grant Thornton LLP ("GT") as the independent registered public accounting firm, effective immediately on April 14, 2022. Simultaneously, the Audit Committee approved the engagement of KPMG LLP ("KPMG") as the new independent registered public accounting firm for the fiscal year ending January 31, 2023, and related interim periods.
- Reason for Change: The dismissal of GT was not the result of any disagreement regarding accounting principles, financial statement disclosure, or audit scope.
- Historical Context: GT's audit reports for the fiscal years ended January 31, 2022, and 2021, were unqualified and did not contain adverse opinions or disclaimers.
- Prior Reportable Event: A material weakness in internal controls over financial reporting related to revenue recognition for the fiscal year ended December 31, 2018, was previously identified. Management concluded this weakness was remediated as of January 31, 2021. This event was discussed with GT.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, financial outlook, or management commentary regarding business strategy. The primary risk disclosed relates to the historical material weakness in internal controls, which has been remediated. The Company confirmed that no disagreements or reportable events occurred between the Company and GT during the two most recent fiscal years or the period through April 14, 2022, other than the previously disclosed remediated weakness.
Key Facts for Investor Verification
- Grant Thornton LLP was dismissed as the independent auditor effective April 14, 2022.
- KPMG LLP was engaged as the new independent auditor for the fiscal year ending January 31, 2023.
- The change in auditors was not due to any disagreement on accounting or auditing matters.
- A material weakness in revenue recognition controls existed for the fiscal year ended December 31, 2018, but was remediated by January 31, 2021.
- GT has authorized KPMG to inquire about the reportable event regarding the prior material weakness.