Business Context and Reporting Period
This Form 8-K Current Report was filed by Gladstone Capital Corporation on December 19, 2002. The filing addresses a change in the Company's independent certifying accountant effective as of the report date.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report is a current event disclosure and does not contain financial statement data.
Material Changes
- Auditor Dismissal: On December 19, 2002, the Company dismissed Ernst & Young LLP as its independent auditor.
- New Auditor Engagement: On December 19, 2002, the Company engaged PricewaterhouseCoopers LLP (PwC) as its new independent auditor for the fiscal year ending September 30, 2003.
- Decision Authority: The decision to change auditors was made by the Company's Audit Committee.
Outlook, Risks, and Management Commentary
Audit History and Disagreements:
- Ernst & Young's reports for the fiscal year ended September 30, 2002, and the period from inception (May 30, 2001) through September 30, 2001, did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
- There were no disagreements with Ernst & Young on accounting principles, financial statement disclosure, or auditing scope and procedures during the relevant periods.
- No "reportable events" as defined in Item 304(a)(1)(v) of Regulation S-K occurred.
Consultations with New Auditor:
- 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 prior to the engagement.
Exhibits: A letter from Ernst & Young LLP to the SEC dated December 20, 2002, confirming agreement with the statements above, is filed as Exhibit 16.1.
Investor Verification Checklist
- Verify the content of the letter from Ernst & Young LLP (Exhibit 16.1) to confirm no undisclosed disagreements exist.
- Review the Company's next periodic report (10-K or 10-Q) to assess the impact of the auditor change on future financial reporting.
- Confirm the effective date of PwC's engagement for the fiscal year ending September 30, 2003.