01—Abstract
Summary
Summary of the 8-K filed September 11, 2025. Cited figures are marked; the original filing is the authoritative source.
Lam Research Corporation (LRCX) announced a significant change in its independent auditor, dismissing Ernst & Young LLP (EY) and engaging KPMG LLP (KPMG) for the fiscal year 2026 audit, effective September 8, 2025.
This change is a routine transition, as the company explicitly stated that there were no disagreements or reportable events with EY during their tenure covering fiscal years 2024 and 2025, and the preceding interim period. The dismissal and engagement were approved by the Audit Committee of the Board of Directors. Investors should note that this filing is primarily administrative and focuses on the change in accounting firms.
The company has provided the required disclosures regarding the transition, including a letter from EY to the SEC confirming their agreement with the statements made by Lam Research. The engagement of KPMG signals a new relationship for the company's financial audits going forward, which is a standard practice for public companies to periodically rotate auditors.
02—Key points
Key Highlights
- Lam Research Corporation (LRCX) has appointed KPMG LLP as its new independent registered public accounting firm, effective September 8, 2025.
- Ernst & Young LLP (EY) has been dismissed as the company's independent auditor.
- The change in auditors is for the upcoming fiscal year 2026 audit.
- The company stated there were no disagreements or reportable events with EY during their service for fiscal years 2024 and 2025.
- The Audit Committee of the Board of Directors approved both the dismissal of EY and the engagement of KPMG.
- EY has provided a letter to the SEC confirming agreement with the company's statements regarding the dismissal.
03—Questions
Frequently Asked Questions
Why has Lam Research changed its independent auditor?
Lam Research has changed its independent auditor as part of a routine transition. The company's Audit Committee approved the dismissal of Ernst & Young LLP (EY) and the engagement of KPMG LLP (KPMG) for the fiscal year 2026 audit, effective September 8, 2025.
Were there any issues or disagreements with the previous auditor, Ernst & Young LLP?
No, the company explicitly stated that there were no disagreements on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedures. Furthermore, there were no 'reportable events' as defined by SEC regulations during the fiscal years ended June 29, 2025, and June 30, 2024, or the subsequent interim period through September 8, 2025.
What is the significance of this change for investors?
This filing is primarily administrative. The change in auditors is a common practice for public companies. The lack of disagreements with the former auditor, EY, suggests a smooth transition and does not indicate any concerns with Lam Research's financial reporting practices.
What is the role of KPMG going forward?
KPMG LLP will serve as Lam Research Corporation's independent registered public accounting firm for the company's fiscal year 2026 audit. They will be responsible for examining the company's financial statements.
04—Continue