I posted a quick note on this to Twitter a bit ago, but thought I would point it out here as well.
Marqeta released an 8-K this morning announcing a change in their auditors. On twitter, I made the comment that the company, rather than saying “there were no “reportable events” except for” and then go on to list a couple of reportable events, should just say that “There were 2 reportable events.” Here they are:
Changing auditors from one major (E&Y) to another major (KPMG) isn’t likely a huge deal. Especially in the wake of the Enron and WorldCom scandals, companies are trying to cycle through auditors a bit more frequently to keep fresh eyes on a company’s financials in hopes of avoiding the perception that the auditor is ever too close to be impartial (remember, Arthur Andersen is no long in business). However, coming on the heels of a couple of adverse findings, this is certainly not a good look for the company.