STARRETT L S CO: auditor change — L.S. Starrett restates segment reporting for FY2022-2023; no impact on totals

STARRETT L S CO

On Sept 11, 2023, management and audit committee determined non-reliance on prior segment footnotes.
Non-reliance periods: FY2022, FY2021 annual; Q1-Q3 FY2022 and FY2023 quarterly reports.
Error: company incorrectly reported two segments instead of the required three under ASC 280.
New segments: North America Industrial, International Industrial, Global Test and Measurement.
Restatement does not affect balance sheet, income statement, or cash flows – only segment disclosures.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

STARRETT L S CO reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: Grant Thornton LLP

Exact text from the filing

2021 and March 31, 2023 and 2022, included in the Company’s Quarterly Reports on Form 10-Q filed with the SEC on November 3, 2022, February 6, 2023 and May 8, 2023, respectively, collectively the “Non-Reliance Periods”, should no longer be relied upon because of errors contained in the "Segment Information" footnotes to the financial statements in those periods. The Company’s management and the Audit Committee has discussed the matter with Grant Thornton LLP, the Company’s independent registered public accounting firm. The Company has historically reported on the basis of two reporting segments, the North America and the International reporting segments. In connection with the preparation of the financial statements for the year end June 30, 2023, the Company has determined that, based on the appropriate application of ASC 280 Segment Reporting it should be reporting three reporting segm

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accession 0000093676-23-000033

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