other material
confidence high
sentiment neutral
materiality 0.40
Innovex International dismisses Grant Thornton, appoints PwC as auditor following merger
Innovex International, Inc.
- Audit Committee dismissed Grant Thornton LLP (GT) on Sept 27, 2024; PwC approved as successor same day.
- GT's prior reports on Pre-Merger Innovex for FY 2022 and 2023 were unqualified; no disagreements occurred.
- A material weakness in Pre-Merger Innovex's ICFR was previously disclosed in the S-4 registration statement.
- A separate material weakness in Dril-Quip's ICFR (inventory write-down classification) was identified and disclosed.
- Auditor change stems from reverse-acquisition accounting treatment of the Dril-Quip / Innovex merger.