Summary
Cadence Design Systems Inc. (CDNS) has announced a change in its independent registered public accounting firm. Effective February 26, 2020, the Audit Committee dismissed KPMG LLP and appointed PricewaterhouseCoopers LLP (PwC) as the new auditor for the fiscal year ending January 2, 2021. This change follows a competitive process conducted by the Audit Committee. Importantly, the company stated that there were no disagreements with KPMG on any accounting principles, financial statement disclosures, or auditing procedures during the past two fiscal years or the interim period. Similarly, there were no "reportable events" that would require disclosure. Cadence has obtained a letter from KPMG confirming their agreement with these statements, which is filed as an exhibit. The company also stated that it had not consulted with PwC on any significant accounting or auditing matters prior to their appointment.
Key Highlights
- 1Cadence Design Systems has changed its independent registered public accounting firm, dismissing KPMG LLP and appointing PricewaterhouseCoopers LLP (PwC).
- 2The change is effective as of February 26, 2020, and PwC will serve as the auditor for the fiscal year ending January 2, 2021.
- 3The dismissal of KPMG followed a competitive review process by Cadence's Audit Committee.
- 4Cadence confirmed that there were no disagreements with KPMG on accounting principles, financial statement disclosures, or auditing scope/procedures.
- 5There were also no "reportable events" as defined by SEC regulations during the relevant periods.
- 6KPMG has provided a letter to the SEC confirming their agreement with Cadence's statements regarding the dismissal.
- 7Cadence did not consult with PwC on any significant accounting or auditing matters prior to their appointment.