Business Context and Reporting Period
This Form 8-K filing by Consolidated Water Co. Ltd. (Cayman Islands) reports a corporate governance event dated June 1, 2009. The filing addresses a change in the Company's independent registered public accountants resulting from a merger.
Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is limited to non-financial operational disclosures regarding the audit firm.
Material Changes
- Accountant Merger: On June 1, 2009, Rachlin LLP merged with Marcum LLP and began practicing as MarcumRachlin, a division of Marcum LLP.
- Resignation and Succession: Effective June 1, 2009, Rachlin LLP effectively resigned as the Company's independent registered public accountants, and MarcumRachlin assumed the role.
- Name Change: Marcum LLP changed its name from Marcum & Kliegman LLP to Marcum LLP on the same date.
Outlook, Risks, and Management Commentary
- Engagement Status: While the Company anticipates Marcum LLP will serve as the independent registered public accountants for the upcoming year, the engagement of MarcumRachlin is subject to review and approval by the Audit Committee.
- Timeline: The Audit Committee is expected to address the engagement later in June 2009.
- Audit History: For fiscal years ended December 31, 2007 and 2008, and the interim period through June 1, 2009, Rachlin LLP's reports contained no adverse opinions, disclaimers, or qualifications. There were no disagreements regarding accounting principles, practices, or auditing scope.
- Reportable Events: No reportable events under Item 304(a)(1)(v) of Regulation S-K occurred during the specified periods.
Key Facts for Investor Verification
- Confirm the Audit Committee's formal approval of MarcumRachlin as the new independent auditor.
- Review the letter from MarcumRachlin to the SEC (Exhibit 16.1) for any clarifications or disagreements with the Company's statements.
- Verify that the transition of the audit firm does not impact the timing or scope of the upcoming fiscal year audit.