Why is Air Products changing its auditor?

Air Products is changing its independent registered public accounting firm as part of a competitive process conducted by its Audit and Finance Committee. Deloitte & Touche LLP was selected to serve as the company's auditor for the fiscal year ending September 30, 2019.

Will the change in auditor affect the ongoing audit for fiscal year 2018?

No, KPMG LLP, the current auditor, will continue its engagement and complete the audit for the fiscal year ending September 30, 2018, including issuing its report on the company's financial statements and internal control over financial reporting.

Are there any concerns regarding KPMG's past audits that led to this change?

The filing explicitly states that there were no disagreements between Air Products and KPMG on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedure. There were also no 'reportable events' during the relevant periods, indicating a smooth transition without auditor-related concerns.

Has Air Products consulted with Deloitte on any prior accounting matters?

According to the filing, Air Products did not consult with Deloitte on any accounting principles, specific transactions, or potential audit opinions during the specified periods. This suggests that Deloitte's appointment is for future audits and not based on prior consultations for specific accounting issues.

APD 8-K: Financial Events

Summary

Air Products & Chemicals, Inc. (APD) has filed an 8-K report to announce a change in its independent registered public accounting firm. Effective after the completion of the fiscal year 2018 audit, Deloitte & Touche LLP will replace KPMG LLP as the company's auditor for the fiscal year ending September 30, 2019. This transition follows a competitive evaluation process by the Audit and Finance Committee. The company has indicated that there were no disagreements or reportable events with the outgoing auditor, KPMG, during the relevant periods. This filing is primarily informational for investors, signaling a standard rotation of auditors and assuring continuity in the audit process with a new, reputable firm.

Key Highlights

1APD is changing its independent registered public accounting firm.
2Deloitte & Touche LLP has been appointed as the new auditor for fiscal year 2019.
3KPMG LLP will continue as the auditor for fiscal year 2018, completing its work.
4The change is effective after KPMG's audit for fiscal year 2018 is completed and its report is issued.
5The Audit and Finance Committee conducted a competitive process to select the new auditor.
6There were no disagreements or reportable events with KPMG during recent fiscal years and interim periods.
7A letter from KPMG agreeing with the disclosures in the 8-K is filed as an exhibit.

Air Products & Chemicals, Inc. 8-K Report, Auditor Change (Jul 26, 2018)

Summary

Key Highlights

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