Business Context and Reporting Period
This Form 8-K Current Report was filed by Astrotech Corporation on April 1, 2015. The filing addresses a change in the Company's independent registered public accounting firm for the fiscal year ending June 30, 2015.
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 audit firm.
Material Changes
- Dismissal of Auditor: The Audit Committee dismissed Ernst & Young LLP (E&Y) as the independent registered public accounting firm, effective April 1, 2015.
- Appointment of New Auditor: BDO USA, LLP (BDO) was appointed as the new independent registered public accounting firm for the fiscal year ending June 30, 2015.
- Immediate Review: BDO will immediately conduct a review of the Company's unaudited financial statements for the quarter ended March 31, 2015.
Management Commentary, Risks, and Contingencies
Management confirmed that E&Y's reports for the fiscal years ended June 30, 2014, and June 30, 2013, contained no adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
During the two most recent fiscal years and the subsequent interim period preceding the dismissal:
- There were no "disagreements" with E&Y on accounting principles, practices, financial statement disclosure, or auditing scope/procedure.
- There were no "reportable events" as defined by Item 304(a)(1)(v)(A)-(D) of Regulation S-K.
Furthermore, neither the Company nor anyone on its behalf consulted with BDO regarding accounting principles, audit opinions, or matters that were the subject of a disagreement or reportable event prior to BDO's engagement.
Important Facts for Investor Verification
- Verify the reasons for the change in auditors, as the filing states no disagreements or reportable events occurred.
- Review the attached Exhibit 16.1 (Letter from Ernst & Young LLP) to confirm their concurrence with the statements made in this filing.
- Monitor the upcoming review of the unaudited financial statements for the quarter ended March 31, 2015, to be conducted by BDO.