Business Context and Reporting Period
This Form 8-K Current Report is filed by International Tower Hill Mines Ltd., a British Columbia, Canada corporation, for the period ending May 31, 2017. The report primarily addresses a change in the registrant's certifying accountant effective May 24, 2017.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This document is a current report regarding corporate governance and does not contain financial statement data.
Material Changes
- Dismissal of Auditor: On May 24, 2017, the Company dismissed PricewaterhouseCoopers LLP (PwC) as its independent registered public accounting firm.
- Appointment of New Auditor: On May 24, 2017, the Audit Committee approved the engagement of Davidson & Company LLP as the new independent registered public accounting firm.
- Audit History: PwC's reports for fiscal years ended December 31, 2016, and December 26, 2015, contained no adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
- Disagreements: There were no disagreements with PwC on accounting principles, practices, or audit scope during the relevant periods that would have required reference in their reports.
- Consultation with New Auditor: The Company did not consult with Davidson regarding accounting principles or reportable events during the two most recent fiscal years or through the date of this report.
Guidance, Outlook, and Risks
The filing does not contain management guidance, financial outlook, or specific risk factors beyond the standard disclosure regarding the change in auditors. The Company has requested a letter from PwC addressed to the SEC regarding their agreement with the disclosures, which is filed as Exhibit 16.1.
Investor Verification Checklist
- Review Exhibit 16.1 (Letter from PwC) to confirm the former auditor's stance on the dismissal and the absence of undisclosed disagreements.
- Verify the qualifications and independence of the newly appointed auditor, Davidson & Company LLP.
- Monitor future filings (e.g., 10-K or 10-Q) for any restatements or changes in accounting treatment following the auditor transition.
- Confirm the reasons for the dismissal of PwC, as the filing states the decision was approved by the Audit Committee but does not explicitly detail the strategic rationale.