DelMar Pharmaceuticals Inc (NASDAQ:DMPI) dismissed PricewaterhouseCoopers LLP (“PwC”) as the Company’s independent registered public accounting firm.
The reports of PwC on the Company’s financial statements for the two most recent fiscal years ended June 30, 2016 and 2015 did not contain an adverse opinion or a disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles except that the report of PwC pertaining to the fiscal year ended June 30, 2015 expressed substantial doubt about the Company’s ability to continue as a going concern.
During the Company’s two most recent fiscal years ended June 30, 2016 and 2015, and during the subsequent interim period preceding the dismissal of PwC, there were: (i) no disagreements with PwC on any matter of accounting principles or practices, financial statement disclosures, or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of PwC would have caused them to make reference to the subject matter of the disagreements in connection with its reports, and (ii) no reportable events of the type listed in Item 304(a)(1)(v) of Regulation S-K.
The Company provided PwC with a copy of the disclosures made in this Current Report on Form 8-K and requested that PwC furnish a letter addressed to the Securities and Exchange Commission stating whether or not it agrees with the disclosures. A copy of such letter is filed as Exhibit 16.1 to this report.
On October 7, 2016, the Company engaged Ernst & Young LLP (“Ernst & Young”) as the Company’s independent registered public accounting firm. During the two most recent fiscal years and in the subsequent interim period through October 7, 2016, the Company has not consulted with Ernst & Young with respect to the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that would have been rendered on the Company’s consolidated financial statements, or any other matters set forth in Item 304(a)(2)(i) or (ii) of Regulation S-K.
The decision to terminate PwC and engage Ernst & Young was approved by the Audit Committee of the Company’s Board of Directors.
