Business Context and Reporting Period
This Form 8-K Current Report was filed by TTM Technologies, Inc. on November 11, 2010. The filing addresses a corporate governance event regarding the company's independent auditors.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on the change in the registrant's certifying accountant.
Material Changes
- Accountant Change: The Board of Directors determined not to renew the engagement of KPMG LLP as the company's independent auditors.
- Notification: KPMG was notified of this decision on November 12, 2010.
- Successor Auditor: The company plans to engage PricewaterhouseCoopers LLP to audit financial statements for the fiscal year ending December 31, 2011, though no engagement had been finalized as of the report date.
- Audit History: There were no disagreements with KPMG regarding accounting principles, financial statement disclosures, or auditing scope during the two most recent fiscal years (2008 and 2009) or subsequent interim periods.
- Report Qualifications: KPMG's audit reports for 2008 and 2009 contained no adverse opinions, disclaimers, or qualifications. They did include separate paragraphs noting the adoption of FASB Interpretation 48 (Accounting for Uncertainty in Income Taxes) and FASB Staff Position APB 14-1 (Accounting for Convertible Debt Instruments).
Guidance, Outlook, and Risks
The filing does not contain financial guidance, outlook, or management commentary on business performance. The primary risk disclosed is the transition of the independent auditor. The company noted it will file an amendment to this Form 8-K following the completion of the 2010 fiscal year audit to update disclosures related to KPMG.
Investor Verification Checklist
- Confirm the official engagement of PricewaterhouseCoopers LLP as the new independent auditor.
- Review the letter from KPMG to the SEC regarding their agreement with the company's statements about the departure.
- Monitor the upcoming amendment to this Form 8-K for any updates regarding the 2010 fiscal year audit.
- Verify that no undisclosed disagreements or reportable events occurred between the company and KPMG during the 2010 fiscal year.