Summary
Garmin Ltd. (GRMN) filed an 8-K on July 25, 2014, primarily to report a change in the independent auditor for its U.S. subsidiary's retirement plan, the Garmin International, Inc. Retirement Plan. Effective July 21, 2014, the Plan dismissed Mayer Hoffman McCann P.C. as its independent auditor for the fiscal year ending December 31, 2014. This filing is procedural in nature and relates specifically to the audit of the retirement plan's financial statements, not to Garmin Ltd.'s consolidated financial performance or any change in its principal independent auditor. The company's audit committee approved the dismissal, and there were no disagreements or reportable events with the outgoing auditor that would typically raise investor concerns about the integrity of past financial statements. The auditor, Mayer Hoffman McCann P.C., has provided a letter to the SEC confirming their agreement with the statements made in this filing.
Key Highlights
- 1Garmin's U.S. retirement plan, Garmin International, Inc. Retirement Plan, has a new independent auditor.
- 2The previous auditor, Mayer Hoffman McCann P.C., was dismissed on July 21, 2014.
- 3The dismissal is for the Plan's fiscal year ending December 31, 2014.
- 4Garmin Ltd.'s audit committee approved the auditor change.
- 5There were no disagreements with the former auditor on accounting principles, financial disclosure, or auditing procedures.
- 6No 'reportable events' were noted with Mayer Hoffman McCann P.C.
- 7An accompanying letter from the former auditor confirming agreement with the disclosures is filed as an exhibit.