other material
confidence high
sentiment negative
materiality 0.65
ESS Tech auditor EY declines re-election; material weakness in internal controls remains unremediated
ESS Tech, Inc.
- EY declined to stand for re-election as auditor for FY2023; no dispute with the company.
- Material weakness in internal controls over financial statement close process remains unremediated as of filing date.
- Previously disclosed material weaknesses for FY2021 (R&D, purchase commitments, equity) were remediated.
- Company initiated RFP for Big Four auditor; will disclose new firm upon engagement.