Array Technologies, Inc. Form 8-K Summary
Business Context and Reporting Period
Array Technologies, Inc. filed this Current Report on Form 8-K regarding a change in its independent registered public accounting firm. The Audit Committee approved the dismissal of BDO USA, LLP effective March 28, 2023. The report was signed and filed March 30, 2023.
Financial Metrics
This filing does not provide current-period revenue, profit, cash flow, margins, debt, liquidity, or other operating metrics.
Material Changes
- BDO’s audit reports on the Company’s consolidated financial statements for the fiscal years ended December 31, 2021 and December 31, 2022 contained no adverse opinions, disclaimers, or qualifications relating to uncertainty, audit scope, or accounting principles.
- The Company reported no qualifying disagreements with BDO during fiscal years 2021 or 2022 or the interim period through March 28, 2023.
- The Company reported no reportable events other than material weaknesses in internal control over financial reporting disclosed in its 2021 and 2022 Forms 10-K.
Controls, Risks, and Unusual Items
The 2022 material weaknesses involved entity-level controls; inventory; revenue recognition under ASC 606; accounts receivable; financial reporting, business combinations, and subsidiary consolidation; foreign currency accounting; information technology controls at STI; and accounting policies and procedures across substantially all of STI’s business processes.
The 2021 material weaknesses involved entity-level controls, inventory, revenue recognition for certain ASC 606 contracts, and accounts receivable.
The filing does not identify the reason for BDO’s dismissal, name a successor auditor, or provide management guidance or an outlook. BDO was provided a copy of the disclosure and furnished a letter to the SEC dated March 30, 2023, filed as Exhibit 16.1.
Investor Verification Items
- Review the BDO letter filed as Exhibit 16.1 for any additional comments.
- Confirm whether and when the Company appoints a successor independent registered public accounting firm.
- Review the 2021 and 2022 Forms 10-K for remediation plans and the current status of the material weaknesses.
- Assess the potential impact of the disclosed control deficiencies on future financial reporting and audit procedures.