Business Context and Reporting Period
This Form 8-K is a current report filed by Comcast Corporation as the Plan Administrator for the Comcast Corporation Retirement – Investment Plan and the Comcast Spectacor 401(k) Plan. The report date is March 16, 2010, with the earliest event reported on that same date.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margins, debt, or liquidity metrics. This report is strictly administrative regarding the appointment and resignation of independent auditors for the employee benefit plans.
Material Changes
- Resignation of Auditor: On March 16, 2010, Comcast accepted the resignation of Mitchell & Titus, LLP as the independent registered public accounting firm for the Plans.
- Reason for Resignation: Mitchell & Titus, LLP resigned in anticipation of hiring a former employee of Comcast Corporation, which would cause the firm to cease being independent under applicable SEC rules.
- Appointment of New Auditor: On March 22, 2010, Comcast appointed Deloitte & Touche LLP as the independent registered public accounting firm for the Plans for the year ended December 31, 2009.
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, or management commentary regarding future financial performance. Regarding risks and contingencies:
- Audit History: Reports by Mitchell & Titus, LLP for the years ended December 31, 2007 and 2008 contained no adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
- Disagreements: There were no disagreements with the former auditor on accounting principles, practices, or auditing scope during the relevant periods.
- Reportable Events: No reportable events as described in Regulation S-K Item 304(a)(1)(v) occurred during the relevant periods.
- New Auditor Consultation: Comcast did not consult with Deloitte & Touche LLP on any matters involving disagreements, reportable events, or significant accounting issues prior to their appointment.
Important Facts for Investors to Verify
- Confirm the independence status of the new auditor, Deloitte & Touche LLP, for the 2009 plan year.
- Review the letter from Mitchell & Titus, LLP (filed as Exhibit 16) to verify their agreement with the statements regarding the resignation and lack of disagreements.
- Note that this filing pertains only to the employee benefit plans and does not reflect changes to the corporate auditor for Comcast Corporation's consolidated financial statements.