Interface Inc. Changes Auditors Amidst Disagreement
Ticker: TILE · Form: 8-K · Filed: Sep 9, 2024 · CIK: 715787
| Field | Detail |
|---|---|
| Company | Interface Inc (TILE) |
| Form Type | 8-K |
| Filed Date | Sep 9, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.10 |
| Sentiment | neutral |
Sentiment: neutral
Topics: auditor-change, accounting, disagreement
TL;DR
Interface dumped BDO USA, LLP as auditor and hired PwC due to disagreements over 2024 financials.
AI Summary
Interface Inc. announced on September 5, 2024, that it has dismissed its principal independent registered public accounting firm, BDO USA, LLP. The company has appointed PricewaterhouseCoopers LLP as its new independent registered public accounting firm, effective September 5, 2024. This change follows a disagreement regarding the audit of the company's financial statements for the fiscal year ended December 29, 2024.
Why It Matters
A change in auditors can sometimes signal underlying issues with financial reporting or internal controls, potentially impacting investor confidence.
Risk Assessment
Risk Level: medium — A change in auditors, especially when citing disagreements, can raise concerns about financial reporting quality and internal controls.
Key Players & Entities
- Interface Inc. (company) — Registrant
- BDO USA, LLP (company) — Former principal independent registered public accounting firm
- PricewaterhouseCoopers LLP (company) — New principal independent registered public accounting firm
- September 5, 2024 (date) — Effective date of auditor change
- December 29, 2024 (date) — Fiscal year end for audit disagreement
FAQ
What was the reason for dismissing BDO USA, LLP?
The filing indicates a disagreement between Interface Inc. and BDO USA, LLP regarding the audit of the company's financial statements for the fiscal year ended December 29, 2024.
Who is Interface Inc.'s new independent registered public accounting firm?
Interface Inc. has appointed PricewaterhouseCoopers LLP as its new independent registered public accounting firm.
When did the change in auditors become effective?
The change in auditors became effective on September 5, 2024.
Has Interface Inc. previously had any disagreements with BDO USA, LLP?
The filing states that the disagreements with BDO USA, LLP occurred during the engagement for the fiscal year ended December 29, 2024, implying these are recent issues.
Will Interface Inc. seek BDO USA, LLP's response to the disagreements?
Yes, Interface Inc. will provide BDO USA, LLP with a copy of the disclosures made in response to the disagreements and will request that BDO USA, LLP furnish a letter addressed to the SEC stating whether it agrees with the statements made by the company.
Filing Stats: 853 words · 3 min read · ~3 pages · Grade level 13.5 · Accepted 2024-09-09 16:18:49
Key Financial Figures
- $0.10 — ange on Which Registered Common Stock, $0.10 Par Value Per Share TILE Nasdaq Global
Filing Documents
- tile-20240905.htm (8-K) — 34KB
- exhibit161.htm (EX-16.1) — 2KB
- 0000715787-24-000029.txt ( ) — 160KB
- tile-20240905.xsd (EX-101.SCH) — 2KB
- tile-20240905_lab.xml (EX-101.LAB) — 21KB
- tile-20240905_pre.xml (EX-101.PRE) — 12KB
- tile-20240905_htm.xml (XML) — 3KB
01 Changes in Registrant's Certifying Accountant
Item 4.01 Changes in Registrant's Certifying Accountant Following an extensive evaluation process, on September 5, 2024, Interface, Inc. (the "Company"), upon approval of the Audit Committee of the Board of Directors (the "Audit Committee") of the Company, notified BDO USA, P.C. ("BDO") of its dismissal as the Company's independent registered public accounting firm effective upon completion by BDO of its audit of the Company's consolidated financial statements for the fiscal year ending December 29, 2024 and the filing of the Company's 2024 Annual Report on Form 10-K. BDO's reports on the Company's consolidated financial statements as of and for the fiscal years ended December 31, 2023 and January 1, 2023 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. During the fiscal years ended December 31, 2023 and January 1, 2023, and the subsequent interim periods through September 5, 2024, there were: (i) no disagreements within the meaning of Item 304(a)(1)(iv) of Regulation S-K and the related instructions between the Company and BDO on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which, if not resolved to BDO's satisfaction, would have caused BDO to make reference thereto in their reports; and (ii) no "reportable events" within the meaning of Item 304(a)(1)(v) of Regulation S-K. The Company has requested that BDO furnish a letter addressed to the Securities and Exchange Commission stating whether or not it agrees with the above statements. A copy of BDO's letter, dated September 9, 2024, is filed as Exhibit 16.1 to this Form 8-K. Following an extensive evaluation process, on September 5, 2024, the Audit Committee of Interface, Inc. (the "Company") selected Ernst & Young, LLP ("EY") as the Company's independent registered public accounting firm for the Company's fiscal year ending December
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits. Exhibit No. Description 16.1 Letter from BDO USA, P.C. dated September 9, 202 4 . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. INTERFACE, INC. By: /s/ Bruce A. Hausmann Bruce A. Hausmann Chief Financial Officer Date: September 9, 2024