8-K: PBF Energy and PBF Holding Company Change Auditors from Deloitte to KPMG

PBF Energy and PBF Holding Company have dismissed Deloitte as their independent auditor and appointed KPMG, effective for the fiscal year ending December 31, 2024.

Summary

• PBF Energy Inc. and PBF Holding Company LLC have dismissed Deloitte & Touche LLP as their independent registered public accounting firm.
• The dismissal of Deloitte is effective upon completion of the 2023 audit, which occurred on February 15, 2024.
• There were no disagreements or reportable events with Deloitte regarding accounting principles, financial statement disclosures, or auditing scope for the relevant periods.
• Deloitte's reports for the years ended December 31, 2023 and 2022 for PBF Energy, and December 31, 2022 and 2021 for PBF Holding Company, contained no adverse opinions, disclaimers, or qualifications.
• KPMG LLP has been appointed as the new independent registered public accounting firm for the fiscal year ending December 31, 2024.
• PBF did not consult with KPMG regarding accounting principles or audit opinions prior to their appointment.

Sentiment

Score: 7

Explanation: The document indicates a routine change of auditors with no apparent issues, suggesting a neutral to slightly positive sentiment. The lack of disagreements with the previous auditor is a positive sign.

Positives

• The transition to a new auditor appears to be smooth with no reported disagreements with the previous auditor.
• Deloitte has confirmed the accuracy of the statements made in the filing regarding their dismissal.

Risks

• The change in auditors could potentially introduce some short-term uncertainty, although no issues are indicated in the filing.
• There is a risk that the new auditor may have a different approach to accounting or auditing, which could lead to changes in future financial reporting.

Future Outlook

KPMG will be the independent registered public accounting firm for the fiscal year ending December 31, 2024, and related interim periods.

Industry Context

Changes in auditors are not uncommon, but it is important to note that there were no disagreements or reportable events with the previous auditor, which suggests a smooth transition.

Comparison to Industry Standards

• The change of auditors is a common practice in the industry, and the lack of disagreements with Deloitte is a positive sign.
• Many companies in the energy sector use large firms like Deloitte and KPMG for their auditing needs, so this change is within industry norms.
• It is typical for companies to switch auditors periodically to ensure independence and fresh perspectives.

Stakeholder Impact

• The change in auditors is unlikely to have a significant impact on stakeholders, as it appears to be a routine change with no reported issues.

Key Dates

Keywords

auditor, KPMG, Deloitte, accounting, PBF Energy, PBF Holding Company, audit, financial statements