Business Context and Reporting Period
This Form 8-K Current Report was filed by SunCoke Energy, Inc. on May 8, 2015, regarding events occurring on May 8, 2015. 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 report focuses exclusively on the administrative change of the external auditor.
Material Changes
- Termination of Auditor: SunCoke Energy, Inc. formally terminated the services of Ernst & Young LLP (EY) as its independent registered public accounting firm, effective May 8, 2015.
- Engagement of New Auditor: The Company appointed KPMG LLP as its new independent registered public accounting firm, effective May 8, 2015, to audit financial statements for the fiscal year ended December 31, 2015.
- Audit Committee Approval: Both the dismissal of EY and the appointment of KPMG were approved by the Company's Audit Committee.
Management Commentary, Risks, and Contingencies
Audit History and Disagreements: The Company stated that EY's reports for the fiscal years ended December 31, 2014, and December 31, 2013, did not contain adverse opinions, disclaimers, or qualifications. Furthermore, there were no disagreements with EY regarding accounting principles, financial statement disclosures, or auditing scope during the relevant periods.
Consultation with New Auditor: The Company confirmed it had not engaged KPMG for any audit services or consultations regarding accounting principles or audit opinions during the two most recent fiscal years or the interim period preceding the appointment.
Response from Outgoing Auditor: The Company provided EY with a copy of the report prior to filing. EY provided a letter dated May 7, 2015 (attached as Exhibit 16.1), stating whether it agreed with the statements made in the filing.
Investor Verification Checklist
- Review Exhibit 16.1 (Letter from Ernst & Young LLP) to confirm the outgoing auditor's agreement with the Company's statements regarding the termination.
- Verify the effective date of the new audit engagement with KPMG LLP for the 2015 fiscal year.
- Monitor future filings (10-K or 10-Q) for any changes in accounting policies or restatements that might arise from the auditor transition.