8-K: Tortoise Sustainable and Social Impact Term Fund Changes Accounting Firms

Tortoise Sustainable and Social Impact Term Fund has replaced Ernst & Young LLP with Tait, Weller & Baker LLP as its independent registered public accounting firm.

Summary

• On April 3, 2025, the Board of Directors of Tortoise Sustainable and Social Impact Term Fund approved the engagement of Tait, Weller & Baker LLP as the new independent registered public accounting firm.
• Ernst & Young LLP (E&Y) previously served as the fund's independent registered public accounting firm for the year ended November 30, 2024.
• The Fund notified E&Y of their dismissal on April 8, 2025.
• The reports from E&Y for the fiscal years ended November 30, 2024 and November 30, 2023 did not contain any adverse opinions, disclaimers, qualifications, or modifications regarding uncertainty, audit scope, or accounting principles.
• There were no disagreements or reportable events between the Fund and E&Y regarding accounting principles, financial statement disclosure, or auditing scope or procedure during the relevant periods.
• The Fund did not consult Tait, Weller & Baker LLP on accounting principles or audit opinions prior to their engagement.
• E&Y has provided a letter to the SEC, dated April 9, 2025, agreeing with the statements made by the Fund regarding their departure.

Sentiment

Score: 7

Explanation: The announcement is neutral, detailing a change in accounting firms with no apparent issues. The sentiment is slightly positive due to the lack of negative indicators.

Positives

• The transition to a new accounting firm appears to be smooth, with no reported disagreements or reportable events with the previous auditor, Ernst & Young LLP.
• Ernst & Young LLP agrees with the statements made by the Fund regarding their departure, indicating transparency and cooperation.

Industry Context

Changes in auditors are a routine part of corporate governance, but are always closely scrutinized by investors to ensure there are no underlying issues with the company's financial reporting.

Stakeholder Impact

• Shareholders should be aware of the change in accounting firms, but the smooth transition suggests minimal impact.
• The change in accounting firms has no immediate impact on employees, customers, suppliers, or creditors.

Key Dates

Keywords

accounting firm, independent auditor, Tait, Weller & Baker LLP, Ernst & Young LLP, Tortoise Sustainable and Social Impact Term Fund, auditor, financial statements