Business Context and Reporting Period
This Form 8-K Current Report was filed by Sunoco LP on March 9, 2015. The filing addresses a change in the registrant's certifying accountant. The decision was driven by the integration process following the acquisition of Sunoco LP's general partner by Energy Transfer Partners, L.P. (ETP), which resulted in Sunoco LP becoming a consolidated subsidiary of ETP.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document is strictly procedural regarding the appointment of a new auditor.
Material Changes
- Accountant Change: The Audit Committee of Sunoco GP LLC dismissed Ernst & Young LLP and appointed Grant Thornton LLP as the new independent registered public accounting firm for the fiscal year ending December 31, 2015.
- Rationale: The change aligns Sunoco LP with ETP, as Grant Thornton already serves as ETP's auditor, facilitating the integration of financial reporting.
- Audit History: The audit reports issued by Ernst & Young for the fiscal years ended December 31, 2014, and 2013, were unqualified and contained no adverse opinions, disclaimers, or modifications regarding uncertainty, scope, or accounting principles.
Guidance, Risks, and Contingencies
The filing confirms that during the fiscal years ended December 31, 2014 and 2013, and the interim period through March 9, 2015, there were no disagreements with Ernst & Young regarding accounting principles, financial statement disclosures, or auditing scope. Furthermore, no "reportable events" as defined in Regulation S-K Item 304(a)(1)(v) occurred. The filing notes that no consultations were held with Grant Thornton regarding matters specified in Item 304(a)(2) prior to their appointment.
Investor Verification Checklist
- Verify the effective date of the transition from Ernst & Young to Grant Thornton for the 2015 fiscal year.
- Review the letter from Ernst & Young (Exhibit 16.1) to confirm their agreement with the company's statements regarding the dismissal.
- Monitor future filings for the first audited financial statements prepared under Grant Thornton's supervision.
- Confirm the status of the consolidation of Sunoco LP into Energy Transfer Partners, L.P. in subsequent reports.