STOCK TITAN
  1. Home
  2. Sec-filings
  3. CRWS
  4. [8-K] CROWN CRAFTS INC Reports Material Event

Crown Crafts (CRWS) dismisses KPMG, hires Grant Thornton as auditor

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Crown Crafts, Inc. (CRWS) changed its independent auditor, appointing Grant Thornton LLP as independent registered public accounting firm for the fiscal year ending March 28, 2027 and dismissing KPMG LLP effective August 27, 2026. KPMG’s audit reports for the fiscal years ended March 29, 2026 and March 30, 2025 contained no adverse opinions, disclaimers, or qualifications.

The company states there were no disagreements with KPMG on accounting, financial statement disclosure, or audit procedures, and one prior reportable event: a material weakness in internal control over financial reporting related to review and approval of manual journal entries. This weakness was first disclosed for the year ended March 30, 2025 and was reported as remediated as of March 29, 2026.

Positive

  • Previously disclosed material weakness in internal control over manual journal entries was reported as remediated as of March 29, 2026.
  • Auditor transition to Grant Thornton LLP occurs with no reported disagreements with former auditor KPMG on accounting, disclosure, or audit procedures.

Negative

  • The company had a material weakness in internal control over financial reporting related to review and approval of manual journal entries, first reported for the fiscal year ended March 30, 2025.
Item 4.01 Changes in Registrant's Certifying Accountant Governance
The company changed its independent auditing firm, which may involve disagreements on accounting matters.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
New audit period end Fiscal year ending March 28, 2027 Period for which Grant Thornton is engaged as independent auditor
Auditor dismissal date August 27, 2026 Effective date of KPMG dismissal
Fiscal year end 2026 March 29, 2026 Year for which KPMG’s report had no adverse opinion or qualification
Fiscal year end 2025 March 30, 2025 Year of first disclosure of the material weakness in internal control
10-K filing date for 2025 June 25, 2025 Date the Annual Report first reporting the material weakness was filed
10-K filing date for 2026 June 24, 2026 Date the Annual Report reporting remediation of the material weakness was filed
KPMG response letter date August 31, 2026 Date of KPMG’s letter filed as Exhibit 16.1
independent registered public accounting firm regulatory
"approved the engagement of Grant Thornton LLP as the Company’s independent registered public accounting firm"
An independent registered public accounting firm is an outside accounting company officially registered with the government regulator to examine and report on a public company's financial records and controls. Investors treat its reports like an impartial inspector’s certificate — they add credibility to financial statements, help spot errors or misleading claims, and reduce the risk that shareholders are relying on unchecked or biased numbers.
material weakness financial
"except for the material weakness in the Company’s internal control over financial reporting"
A material weakness is a significant flaw in the systems and checks a company uses to ensure its financial reports are accurate, meaning errors or fraud could happen and not be caught. For investors it matters because it raises the risk that reported results are unreliable—similar to finding a hole in a ship’s hull—potentially leading to corrected financials, regulatory action, reduced trust, and negative effects on stock value and borrowing costs.
internal control over financial reporting financial
"material weakness in the Company’s internal control over financial reporting"
Internal control over financial reporting is a company’s system of procedures and checks designed to make sure its financial statements are accurate and complete, like a set of guardrails and verification steps that catch mistakes or fraud before numbers are published. Investors care because strong controls make reported results more trustworthy, lower the risk of surprise restatements or regulatory problems, and give greater confidence when valuing the company or comparing it to peers.
reportable events regulatory
"no reportable events within the meaning of Item 304(a)(1)(v) of Regulation S-K"
Reportable events are significant incidents or changes a company is legally required to disclose to regulators and the public, such as major safety problems, legal actions, financial irregularities, or management changes. They matter to investors because these events can alter a company’s risk profile or future performance, much like a dashboard warning light signals a problem that could affect a car’s safety or reliability. Timely disclosure helps investors make informed decisions and maintain market fairness.
Item 304(a)(1)(iv) of Regulation S-K regulatory
"no disagreements within the meaning of Item 304(a)(1)(iv) of Regulation S-K"

FAQ

What auditor change did Crown Crafts (CRWS) announce?
Crown Crafts appointed Grant Thornton LLP as its independent registered public accounting firm for the fiscal year ending March 28, 2027 and dismissed KPMG LLP effective August 27, 2026.

Were there any disagreements between Crown Crafts (CRWS) and KPMG?
The company reports no disagreements with KPMG on accounting principles, financial statement disclosure, or audit scope or procedures during the fiscal years ended March 29, 2026 and March 30, 2025 and through August 27, 2026.

Did KPMG issue any adverse opinions on Crown Crafts (CRWS) financial statements?
KPMG’s audit reports on Crown Crafts’ consolidated financial statements for the fiscal years ended March 29, 2026 and March 30, 2025 contained no adverse opinion, disclaimer of opinion, or qualifications as to uncertainty, audit scope, or accounting principles.

What internal control issue did Crown Crafts (CRWS) disclose?
Crown Crafts disclosed a material weakness in internal control over financial reporting related to the review and approval of manual journal entries, first reported for the fiscal year ended March 30, 2025.

Has Crown Crafts (CRWS) remediated its material weakness in internal control?
The company reports that the previously disclosed material weakness in internal control over financial reporting was remediated as of March 29, 2026, as stated in its Annual Report for that fiscal year.

Did Crown Crafts (CRWS) consult Grant Thornton before the appointment on accounting issues?
During the fiscal years ended March 29, 2026 and March 30, 2025 and through August 27, 2026, Crown Crafts states it did not consult Grant Thornton on specific accounting applications, potential audit opinions, disagreements, or reportable events.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →
See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google
Add on Google
false 0000025895 0000025895 2026-08-27 2026-08-27
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
Date of report (Date of earliest event reported):
August 27, 2026
 
Crown Crafts, Inc.
(Exact name of registrant as specified in its charter)
 
Delaware
1-7604
58-0678148
(State or other jurisdiction
of incorporation)
(Commission File Number)
(IRS Employer
Identification No.)
 
 
8184 Highway 44, Suite 111, Gonzales, LA
70737
(Address of principal executive offices)
(Zip Code)
 
Registrant’s telephone number, including area code:
(225) 647-9100
 
(Former name or former address if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock, par value $0.01 per share
CRWS
Nasdaq Capital Market
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 
Item 4.01
Changes in Registrant’s Certifying Accountant.
 
On August 27, 2026, the Audit Committee of the Board of Directors (the “Audit Committee”) of Crown Crafts, Inc. (the “Company”), following the completion of a competitive proposal process, approved the engagement of Grant Thornton LLP (“Grant Thornton”) as the Company’s independent registered public accounting firm for the fiscal year ending March 28, 2027, and approved the dismissal of KPMG LLP (“KPMG”) as the Company’s independent registered public accounting firm effective August 27, 2026.
 
The audit reports of KPMG on the consolidated financial statements of the Company as of and for the fiscal years ended March 29, 2026 and March 30, 2025, did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.
 
During the fiscal years ended March 29, 2026 and March 30, 2025, and the subsequent interim period through August 27, 2026, there were: (i) no disagreements within the meaning of Item 304(a)(1)(iv) of Regulation S-K and the related instructions thereto with KPMG on any matter of accounting principles or practices, consolidated financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of KPMG, would have caused it to make reference to the subject matter of the disagreements in connection with its reports on the consolidated financial statements of the Company for such years; and (ii) no reportable events within the meaning of Item 304(a)(1)(v) of Regulation S-K and the related instructions thereto, except for the material weakness in the Company’s internal control over financial reporting pertaining to the Company’s failure to effectively design and maintain controls related to the review and approval of all manual journal entries. This material weakness was first reported in the Company’s Annual Report on Form 10-K for the fiscal year ended March 30, 2025, filed with the Securities and Exchange Commission (“SEC”) on June 25, 2025. It was remediated as of March 29, 2026, as reported in the Company’s Annual Report on Form 10-K for the fiscal year ended March 29, 2026, filed with the SEC on June 24, 2026. The Audit Committee discussed this reportable event with KPMG. KPMG has been authorized by the Company to respond fully to the inquiries of Grant Thornton, the successor independent registered public accounting firm, concerning this reportable event.
 
The Company has provided KPMG with a copy of the disclosures set forth in this Current Report on Form 8-K and has requested that KPMG furnish a letter addressed to the SEC stating whether it agrees with the statements contained herein and, if not, stating the respects in which it does not agree. A copy of KPMG’s letter, dated August 31, 2026, is filed as Exhibit 16.1 to this Current Report on Form 8-K.
 
During the fiscal years ended March 29, 2026 and March 30, 2025, and during the subsequent interim period through August 27, 2026, neither the Company nor anyone on its behalf consulted with Grant Thornton regarding: (i) the application of accounting principles to a specific transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Company’s consolidated financial statements, and neither a written report nor oral advice was provided to the Company that Grant Thornton concluded was an important factor considered by the Company in reaching a decision as to any accounting, auditing or financial reporting issue; (ii) any matter that was the subject of a disagreement within the meaning of Item 304(a)(1)(iv) of Regulation S-K; or (iii) any reportable event within the meaning of Item 304(a)(1)(v) of Regulation S-K.
 
Item 9.01.
Financial Statements and Exhibits.
 
 
 
(d)
Exhibits.
 
 
 
 
16.1
Letter dated August 31, 2026, from KPMG LLP to the SEC.
 
 
 
 
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
 
2
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
CROWN CRAFTS, INC.
 
 
 
 
Date: August 31, 2026
/s/ Claire K. Spencer
 
 
CLAIRE K. SPENCER
 
 
Vice President and Chief Financial Officer
 
 
3

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

5 documents

Other Documents