On November 25, 2024, StandardAero's Audit Committee dismissed PricewaterhouseCoopers LLP, Canada (PwC Canada) and appointed PricewaterhouseCoopers LLP, United States (PwC United States) as its new independent registered public accounting firm. This change is effective for the fiscal year ended December 31, 2024. The transition aims to align the company's auditing with its new status as a U.S. public company.
StandardAero disclosed material weaknesses in its internal control over financial reporting during the fiscal years ended December 31, 2023, and 2022, and the subsequent interim period. These weaknesses included insufficient resources with appropriate knowledge for public company financial reporting, lack of formal design for certain reporting process controls, and inconsistent IT controls. The company is implementing remediation plans.
PwC Canada's prior reports did not contain adverse opinions or disclaimers, and there were no disagreements on accounting principles or practices that would have caused a qualified report, except for the disclosed material weaknesses. The appointment of PwC United States is a step towards strengthening the company's financial reporting infrastructure as a newly public entity.
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