ESCO dismisses KPMG, hires Grant Thornton; KPMG flagged material weakness in internal controls

ESCO TECHNOLOGIES INC

KPMG identified a material weakness: ineffective risk assessment led to weak controls over revenue recognition and inventory costing.
Company excluded Altanova and Phenix (12.2% of assets, 0.6% of sales) from internal control assessment due to recent acquisitions.
No disagreements or reportable events with KPMG beyond the material weakness; KPMG agreed with the disclosures.
Grant Thornton appointed as independent auditor for FY2022; no prior consultations occurred.

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