other material
confidence high
sentiment neutral
materiality 0.55
American Woodmark dismisses KPMG as auditor, appoints EY; discloses two material weaknesses in internal controls
AMERICAN WOODMARK CORP
- KPMG dismissed effective June 29, 2022, after issuing unqualified reports on FY2022 annual financials; EY appointed for FY2023.
- No disagreements with KPMG on accounting principles or disclosures during FY2021, FY2022, and through June 29, 2022.
- Two material weaknesses in internal control over financial reporting: IT change management in Made to Order business and risk assessment/controls for ERP system implemented in Q4 FY2022.
- Company is evaluating remediation plans for the weaknesses; KPMG authorized to respond fully to EY inquiries.
- KPMG provided a letter to the SEC agreeing with the disclosures, filed as Exhibit 16.1.