Interface (NASDAQ:TILE) Inc, a leading producer of carpets and rugs, has made a significant change in its financial oversight. Today, the company disclosed that following a detailed review process, its Audit Committee decided to part ways with BDO USA, P.C. as its independent registered public accounting firm.
This change is set to take effect after BDO completes the audit for the fiscal year ending December 29, 2024, and the 2024 Annual Report on Form 10-K is filed.
The separation from BDO did not stem from any disagreements on accounting principles or practices, financial statement disclosure, or auditing scope or procedure that would have warranted a mention in BDO's reports for the fiscal years ended December 31, 2023, and January 1, 2023.
Furthermore, there were no "reportable events" as defined by the SEC regulations during those fiscal years or the subsequent interim period up to September 5, 2024.
In a letter dated today, BDO has confirmed their agreement with the company's statements regarding the absence of disagreements and reportable events. This letter is included as part of the Form 8-K filing with the SEC.
Interface Inc has chosen Ernst & Young, LLP (EY) as their new independent registered public accounting firm for the fiscal year ending December 28, 2025. This selection is contingent upon EY completing their standard client acceptance procedures and the formalization of an engagement letter.
It is noteworthy that during the fiscal years ended December 31, 2023, and January 1, 2023, and the subsequent interim periods through September 5, 2024, Interface Inc did not consult with EY on any accounting principles or transactions that might have influenced their financial statements.
In other recent news, Interface, Inc., a global leader in sustainable flooring, reported impressive Q2 2024 results. The company saw a 6% year-over-year increase in currency-neutral net sales and a significant rise in adjusted gross profit margin to 35.7%.
The company's net sales reached $346.6 million, a 5% boost from the previous year. CEO Laurel Hurd attributed the positive results to the company's One Interface strategy, which focuses on accelerating growth and improving profit.
Simultaneously, in India, the Reserve Bank of India (RBI) unveiled plans to launch a new platform named Unified Lending Interface (ULI). This platform aims to streamline the process of extending credit to small and rural borrowers, particularly within the agricultural sector and small enterprises.
Governor Shaktikanta Das emphasized that this initiative is part of a broader strategy to digitalize banking services, positioning India as a global leader in digital payments.
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