Business Context and Reporting Period
This Form 8-K Current Report was filed by Visteon Corporation on October 4, 2011, covering the date of the earliest event reported on September 30, 2011. The filing addresses a change in the Company's independent registered public accounting firm.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on the administrative change of the external auditor.
Material Changes
- Dismissal of Auditor: On September 30, 2011, the Audit Committee dismissed PricewaterhouseCoopers LLP (PwC) as the independent registered public accounting firm.
- Appointment of New Auditor: The Audit Committee selected Ernst & Young LLP to serve as the independent registered public accounting firm, effective January 1, 2012.
- Transition Timeline: PwC's dismissal becomes effective upon the completion of its procedures for the year ended December 31, 2011, and the filing of the related Form 10-K.
Guidance, Outlook, and Risks
Management Commentary and Disagreements: The Company reported no disagreements with PwC regarding accounting principles, financial statement disclosures, or auditing scope during the current fiscal year or the periods ended December 31, 2010, October 1, 2010, and December 31, 2009. No reportable events were discussed with the Audit Committee during these periods.
Historical Context: PwC's prior reports included explanatory paragraphs regarding the Company's ability to continue as a going concern (2009) and its emergence from Chapter 11 bankruptcy with fresh-start accounting (2010). No such adverse opinions or disclaimers were issued for the periods covered.
Consultations: The Company confirmed it did not consult Ernst & Young LLP regarding any matters described in Item 304(a)(2)(i) or (ii) of Regulation S-K prior to their appointment.
Investor Verification Checklist
- Verify the effective date of the transition from PwC to Ernst & Young LLP (January 1, 2012).
- Review the upcoming Form 10-K for the year ended December 31, 2011, to confirm the completion of PwC's final audit procedures.
- Examine Exhibit 16.1 for PwC's formal letter confirming agreement with the Company's statements regarding the dismissal.
- Confirm that no undisclosed disagreements or reportable events occurred during the tenure of the outgoing auditor.