01—Abstract
Summary
Summary of the 8-K filed August 14, 2019. Cited figures are marked; the original filing is the authoritative source.
Cboe Global Markets, Inc. (CBOE) has announced a significant change in its independent auditor.
Effective after the conclusion of their fiscal year 2019 audits, the company will dismiss Deloitte & Touche LLP and engage KPMG LLP as its new auditor for the fiscal year ending December 31, 2020. This decision follows a competitive request for proposal process. The company stated that there were no disagreements or reportable events with Deloitte during the specified periods that would necessitate further disclosure.
02—Key points
Key Highlights
- Cboe Global Markets (CBOE) is changing its independent auditor.
- Deloitte & Touche LLP will be dismissed as the auditor after the fiscal year 2019 audits are completed.
- KPMG LLP has been approved to be engaged as the new independent auditor for fiscal year 2020.
- The change in auditors was initiated through a competitive request for proposal process.
- The company reported no disagreements or reportable events with Deloitte & Touche LLP during the relevant periods.
- Deloitte & Touche LLP has provided a letter to the SEC confirming their agreement with the company's statements regarding the dismissal.
03—Questions
Frequently Asked Questions
Why is Cboe Global Markets changing its auditor?
Cboe Global Markets is changing its auditor as a result of a competitive request for proposal process. This process likely aimed to ensure the company is working with the most suitable auditing firm.
When will the change in auditors take effect?
The dismissal of Deloitte & Touche LLP will be effective following the conclusion of the audits for Cboe Global Markets' fiscal year ending December 31, 2019. KPMG LLP is expected to be engaged for the fiscal year ending December 31, 2020.
Were there any issues or disagreements with the previous auditor, Deloitte & Touche LLP?
No, the company has stated that there were no disagreements with Deloitte & Touche LLP on any matter of accounting principles, practices, financial statement disclosure, or auditing scope or procedure. Furthermore, there were no reportable events requiring disclosure during the periods covered by the filing.
Is this a common occurrence for publicly traded companies?
While not an everyday event, it is not uncommon for publicly traded companies to change their independent auditors periodically. This can be due to various reasons, including competitive bidding processes, audit firm rotation policies (though not mandated in all jurisdictions), or a desire for a fresh perspective.
04—Continue