01—Abstract
Summary
Summary of the 8-K filed March 18, 2008. Cited figures are marked; the original filing is the authoritative source.
This Form 8-K filing by CB Richard Ellis Group, Inc. (CBRE) on March 17, 2008, announces a significant change in its auditing firm.
The company's Audit Committee has dismissed Deloitte & Touche LLP as its independent registered public accounting firm, effective March 12, 2008. This decision follows a competitive request for proposal process initiated in late 2007 to select the auditor for the fiscal year ending December 31, 2008. Following the dismissal of Deloitte, CBRE has appointed KPMG LLP as its new independent registered public accounting firm for the fiscal year ending December 31, 2008.
The company has stated that there were no disagreements with Deloitte on any accounting principles, practices, financial statement disclosures, or auditing procedures during the relevant periods. This change in auditors is a key piece of information for investors, impacting the oversight and assurance of the company's financial reporting.
02—Key points
Key Highlights
- CB Richard Ellis Group, Inc. (CBRE) has dismissed Deloitte & Touche LLP as its independent registered public accounting firm, effective March 12, 2008.
- The dismissal was approved by the Audit Committee of the Board of Directors.
- The company stated that there were no disagreements with Deloitte regarding accounting principles, financial statement disclosures, or auditing procedures.
- CBRE has appointed KPMG LLP as its new independent registered public accounting firm for the fiscal year ending December 31, 2008.
- The change in auditor resulted from a competitive request for proposal process undertaken in late 2007.
- No prior consultations with KPMG regarding accounting principles or disagreements/reportable events occurred in the preceding fiscal years or through the filing date.
03—Questions
Frequently Asked Questions
Why did CBRE change its auditor from Deloitte to KPMG?
CBRE changed its auditor as a result of a competitive request for proposal process that the Audit Committee initiated in late 2007 to select the company's auditor for the fiscal year ending December 31, 2008.
Were there any disagreements with the previous auditor, Deloitte & Touche LLP?
No, the company explicitly stated in the filing that there were no disagreements with Deloitte & Touche LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure during the two most recent fiscal years (ended December 31, 2007 and 2006) and through March 11, 2008.
What is the significance of this change for investors?
A change in auditor can be significant for investors as it involves a new firm taking responsibility for auditing the company's financial statements. Investors will want to see how the new auditor, KPMG, approaches their audit and ensures the accuracy and integrity of CBRE's financial reporting.
When was the change in auditor finalized?
The dismissal of Deloitte & Touche LLP was effective as of March 12, 2008, and the appointment of KPMG LLP as the new independent registered public accounting firm was also approved by the Audit Committee on March 12, 2008.
04—Continue