BankUnited, Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by BankUnited, Inc. on March 5, 2021, reporting events that occurred on March 3, 2021. 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 Previous Auditor: On March 3, 2021, BankUnited dismissed KPMG LLP as its independent registered public accounting firm, effective immediately. This decision was approved by the Audit Committee following a competitive proposal process.
- Appointment of New Auditor: On March 3, 2021, the Audit Committee appointed Deloitte & Touche LLP as the new independent registered public accounting firm for the fiscal year ending December 31, 2021, effective immediately.
- Audit History: KPMG's reports for the years ended December 31, 2020, and 2019 did not contain adverse opinions, disclaimers, or qualifications, except for a note regarding the adoption of Accounting Standards Codification Topic 326 (Credit Losses) effective January 1, 2020.
- Disagreements: The Company reported no disagreements with KPMG regarding accounting principles, practices, financial statement disclosure, or auditing scope during the two most recent fiscal years and the subsequent interim period.
Guidance, Outlook, and Risks
The filing does not contain financial guidance, outlook, or management commentary on business performance. The transition to Deloitte is subject to the completion of standard client acceptance procedures and the execution of an engagement letter. No unusual items or contingencies related to financial performance were disclosed in this report.
Investor Verification Checklist
- Verify the effective date of the transition from KPMG to Deloitte & Touche LLP.
- Review the letter from KPMG LLP (Exhibit 16.1) to confirm their agreement with the Company's statements regarding the dismissal.
- Confirm that no reportable events or disagreements occurred between the Company and KPMG during the 2019-2020 fiscal years.
- Monitor future filings for the execution of the engagement letter with Deloitte.