Business Context and Reporting Period
This Form 8-K Current Report was filed by Rayonier Advanced Materials Inc. on March 9, 2016. The filing primarily 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. This report is a disclosure of corporate governance changes rather than a financial performance report.
Material Changes
- Accountant Change: The Audit Committee dismissed Ernst & Young LLP (EY), who had served as the independent auditor since June 30, 2014.
- New Appointment: The Committee approved the engagement of Grant Thornton LLP as the new independent registered public accounting firm, effective upon completion of their client acceptance process (completed March 12, 2016).
- Audit History: EY's reports for fiscal years 2015 and 2014 contained no adverse opinions, disclaimers, or qualifications.
- Disagreements: There were no disagreements or reportable events between the Company and EY regarding accounting principles, practices, or audit scope during the relevant periods.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future performance. No specific risks or contingencies related to operations were disclosed in this document. The transition was described as the result of a competitive process and careful deliberation.
Investor Verification Checklist
- Verify the effective date of Grant Thornton LLP's engagement and the scope of their initial audit responsibilities.
- Review the attached letter from Ernst & Young LLP (Exhibit 16.1) to confirm their concurrence with the Company's disclosures.
- Monitor future filings for the first financial statements audited by Grant Thornton LLP to assess any changes in accounting treatment or disclosure style.
- Confirm that no undisclosed disagreements existed during the transition period by reviewing subsequent 10-K or 10-Q filings.