Business Context and Reporting Period
This Form 8-K filing by SYNNEX Corporation (now TD SYNNEX CORP) is dated February 9, 2012. The report addresses a material corporate governance event: the dismissal of the company's independent registered public accounting firm and the engagement of a new firm.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on the change in the registrant's certifying accountant.
Material Changes
- Dismissal of PricewaterhouseCoopers LLP (PwC): On February 9, 2012, PwC was terminated as the independent registered public accounting firm, effective immediately.
- Engagement of KPMG LLP: On February 9, 2012, the Audit Committee approved KPMG LLP as the new independent registered accounting firm for the fiscal year ending November 30, 2012, effective immediately.
- Audit History: PwC's reports for the fiscal years ended November 30, 2011, and 2010 did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
- Disagreements: The company reported no disagreements with PwC on accounting principles, practices, financial statement disclosure, or auditing scope during the two most recent fiscal years or the interim period through February 9, 2012.
- Reportable Events: No reportable events as defined in Item 304(a)(1)(v) of Regulation S-K occurred during the relevant period.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future business performance. The primary risk disclosed is the operational transition of the external audit function. The company confirmed that KPMG has no commercial relationships that would impair its independence and that no consultations regarding accounting matters occurred with KPMG prior to engagement.
Investor Verification Checklist
- Verify the content of the letter from PricewaterhouseCoopers LLP (Exhibit 16.1) to confirm their agreement with the company's statements regarding the dismissal.
- Monitor subsequent filings (e.g., 10-K or 10-Q) to assess the impact of the auditor change on the audit process and financial reporting timeline.
- Review the company's next earnings release to ensure no undisclosed accounting issues were the catalyst for the change, despite the company's assertion of no disagreements.