[8-K] Viasat Inc Reports Material Event
Concorde International Group Ltd (CIGL) filed a Form 6-K announcing an auditor change effective 1 Aug 2025. The Audit Committee dismissed Kreit & Chiu CPA LLP, whose 2023-24 audit opinions were unqualified and contained no scope or GAAP reservations. The firm reported no disagreements with management over accounting matters during the past two fiscal years.
The Committee simultaneously appointed Assentsure PAC to audit FY 2025 and review the 1H-2025 results. The Company confirms Assentsure was not previously consulted on any accounting or reporting issues.
While there were no reportable events tied to Kreit & Chiu, the filing reiterates previously disclosed material weaknesses in internal control over financial reporting—chiefly segregation-of-duties gaps, insufficient IFRS training, and ineffective review controls. Kreit & Chiu’s letter to the SEC agreeing with these disclosures is filed as Exhibit 15.1.
The change signals a governance shift but keeps the audit timeline intact; investors should monitor remediation of the cited control weaknesses ahead of the FY 2025 audit.
Concorde International Group Ltd (CIGL) ha presentato un Modulo 6-K annunciando un cambio di revisore con effetto dal 1° agosto 2025. Il Comitato di Revisione ha revocato l'incarico a Kreit & Chiu CPA LLP, i cui pareri di revisione per il 2023-24 erano senza rilievi e non contenevano riserve di portata o di principi contabili internazionali (GAAP). Lo studio non ha riportato disaccordi con la direzione su questioni contabili negli ultimi due esercizi fiscali.
Contestualmente, il Comitato ha nominato Assentsure PAC per la revisione del bilancio dell'esercizio 2025 e per la revisione dei risultati del primo semestre 2025. La Società conferma che Assentsure non è stata precedentemente consultata su questioni contabili o di rendicontazione.
Pur non essendoci eventi segnalabili legati a Kreit & Chiu, il documento ribadisce debolezze materiali nel controllo interno sulla rendicontazione finanziaria, principalmente lacune nella segregazione dei compiti, formazione IFRS insufficiente e controlli di revisione inefficaci. La lettera di Kreit & Chiu alla SEC, che concorda con queste dichiarazioni, è allegata come Exhibit 15.1.
Il cambiamento indica una svolta nella governance, ma mantiene il calendario di revisione invariato; gli investitori dovrebbero monitorare la correzione delle debolezze di controllo segnalate prima della revisione del 2025.
Concorde International Group Ltd (CIGL) presentó un Formulario 6-K anunciando un cambio de auditor efectivo a partir del 1 de agosto de 2025. El Comité de Auditoría destituyó a Kreit & Chiu CPA LLP, cuyas opiniones de auditoría para 2023-24 fueron sin salvedades y no contenían reservas de alcance ni de principios contables GAAP. La firma informó no haber tenido desacuerdos con la administración sobre asuntos contables en los últimos dos años fiscales.
Simultáneamente, el Comité nombró a Assentsure PAC para auditar el año fiscal 2025 y revisar los resultados del primer semestre de 2025. La Compañía confirma que Assentsure no fue consultada previamente sobre ningún tema contable o de reporte.
Aunque no hubo eventos reportables relacionados con Kreit & Chiu, el documento reitera debilidades materiales en el control interno sobre la información financiera, principalmente brechas en la segregación de funciones, capacitación insuficiente en IFRS y controles de revisión ineficaces. La carta de Kreit & Chiu a la SEC, en la que están de acuerdo con estas revelaciones, se presenta como Exhibit 15.1.
El cambio señala un giro en la gobernanza pero mantiene el calendario de auditoría intacto; los inversores deben monitorear la corrección de las debilidades de control mencionadas antes de la auditoría del año fiscal 2025.
Concorde International Group Ltd (CIGL)가 2025년 8월 1일부로 감사인 변경을 발표하는 Form 6-K를 제출했습니다. 감사위원회는 2023-24 회계연도에 무자격 의견을 제시하고 범위 제한이나 GAAP 유보사항이 없었던 Kreit & Chiu CPA LLP를 해임했습니다. 해당 법인은 지난 두 회계연도 동안 경영진과 회계 문제에 대해 이견이 없었다고 보고했습니다.
위원회는 동시에 2025 회계연도 감사 및 2025년 상반기 실적 검토를 위해 Assentsure PAC를 선임했습니다. 회사는 Assentsure가 이전에 회계나 보고 문제에 대해 자문을 받은 적이 없다고 확인했습니다.
Kreit & Chiu와 관련된 보고 대상 사건은 없었지만, 제출 서류는 내부 회계 통제의 중대한 약점—주로 업무 분리 미비, IFRS 교육 부족, 비효율적인 검토 통제를 재차 명시하고 있습니다. Kreit & Chiu가 이 내용을 동의하는 SEC 제출 서한은 Exhibit 15.1로 첨부되어 있습니다.
이번 변경은 거버넌스 변화 신호이지만 감사 일정은 유지되며, 투자자들은 2025 회계연도 감사 전에 지적된 통제 약점 개선을 주시해야 합니다.
Concorde International Group Ltd (CIGL) a déposé un formulaire 6-K annonçant un changement d’auditeur effectif au 1er août 2025. Le comité d’audit a révoqué Kreit & Chiu CPA LLP, dont les opinions d’audit pour 2023-24 étaient sans réserve et ne comportaient aucune restriction de portée ni réserve GAAP. Le cabinet a déclaré n’avoir eu aucun désaccord avec la direction sur des questions comptables au cours des deux derniers exercices fiscaux.
Le comité a simultanément nommé Assentsure PAC pour auditer l’exercice 2025 et examiner les résultats du premier semestre 2025. La société confirme qu’Assentsure n’a pas été consultée auparavant sur des questions comptables ou de reporting.
Bien qu’aucun événement signalable lié à Kreit & Chiu n’ait été identifié, le dépôt réitère les faiblesses importantes précédemment divulguées dans le contrôle interne relatif aux rapports financiers – principalement des lacunes dans la séparation des fonctions, une formation IFRS insuffisante et des contrôles de revue inefficaces. La lettre de Kreit & Chiu à la SEC approuvant ces divulgations est jointe en tant qu’Exhibit 15.1.
Ce changement indique une évolution de la gouvernance tout en maintenant le calendrier d’audit ; les investisseurs doivent surveiller la correction des faiblesses de contrôle identifiées avant l’audit de l’exercice 2025.
Concorde International Group Ltd (CIGL) hat ein Formular 6-K eingereicht, in dem ein Wechsel des Abschlussprüfers zum 1. August 2025 angekündigt wird. Der Prüfungsausschuss hat Kreit & Chiu CPA LLP entlassen, dessen Prüfungsurteile für 2023-24 uneingeschränkt waren und keine Einschränkungen im Umfang oder bei den GAAP enthielten. Das Unternehmen berichtete, dass es in den letzten zwei Geschäftsjahren keine Meinungsverschiedenheiten mit dem Management bezüglich Rechnungslegungsfragen gab.
Gleichzeitig wurde Assentsure PAC mit der Prüfung für das Geschäftsjahr 2025 und der Überprüfung der Halbjahresergebnisse 2025 beauftragt. Das Unternehmen bestätigt, dass Assentsure vorher nicht zu buchhalterischen oder berichtsbezogenen Fragestellungen konsultiert wurde.
Obwohl es keine meldepflichtigen Ereignisse im Zusammenhang mit Kreit & Chiu gab, wiederholt die Einreichung zuvor offengelegte wesentliche Schwächen in der internen Kontrolle über die Finanzberichterstattung – vor allem Lücken in der Aufgaben-Trennung, unzureichende IFRS-Schulungen und ineffektive Prüfkontrollen. Das Schreiben von Kreit & Chiu an die SEC, in dem diesen Angaben zugestimmt wird, ist als Exhibit 15.1 beigefügt.
Der Wechsel signalisiert eine Änderung in der Governance, hält aber den Prüfungszeitplan ein; Investoren sollten die Behebung der genannten Kontrollschwächen vor der Prüfung für das Geschäftsjahr 2025 beobachten.
- Clean prior audit opinions from Kreit & Chiu with no disagreements signal reliable historical financials.
- Orderly auditor transition approved by Audit Committee minimizes reporting disruption.
- Successor auditor appointed promptly, covering FY 2025 and H1-2025 reviews.
- Material weaknesses in internal control over financial reporting remain unresolved.
- Auditor change can introduce execution risk and higher audit costs.
- Repeated control deficiencies may attract regulatory or investor scrutiny.
Insights
TL;DR: Auditor switch is routine; control weaknesses linger—net neutral to slightly negative risk profile.
Kreit & Chiu’s clean opinions limit historical risk, and the absence of disputes reduces red-flag concerns. However, management still faces three material control deficiencies that could affect FY 2025 reporting quality. The move to Assentsure may improve oversight, yet any audit re-scoping could lengthen timelines or raise fees. Until remediation plans are disclosed, the filing is moderately negative for risk-adjusted valuation.
TL;DR: Governance optics mixed—orderly transition, but unresolved ICFR weaknesses hurt credibility.
The Board followed best practice—Audit Committee initiated change, secured successor before year-end cycles, and disclosed SEC-required items, including an agreeing letter from the former auditor. Still, repeating material weaknesses for a third year points to structural oversight issues. Successful remediation and a clean 2025 opinion would be credit-positive; failure could trigger listing or regulatory scrutiny.
Concorde International Group Ltd (CIGL) ha presentato un Modulo 6-K annunciando un cambio di revisore con effetto dal 1° agosto 2025. Il Comitato di Revisione ha revocato l'incarico a Kreit & Chiu CPA LLP, i cui pareri di revisione per il 2023-24 erano senza rilievi e non contenevano riserve di portata o di principi contabili internazionali (GAAP). Lo studio non ha riportato disaccordi con la direzione su questioni contabili negli ultimi due esercizi fiscali.
Contestualmente, il Comitato ha nominato Assentsure PAC per la revisione del bilancio dell'esercizio 2025 e per la revisione dei risultati del primo semestre 2025. La Società conferma che Assentsure non è stata precedentemente consultata su questioni contabili o di rendicontazione.
Pur non essendoci eventi segnalabili legati a Kreit & Chiu, il documento ribadisce debolezze materiali nel controllo interno sulla rendicontazione finanziaria, principalmente lacune nella segregazione dei compiti, formazione IFRS insufficiente e controlli di revisione inefficaci. La lettera di Kreit & Chiu alla SEC, che concorda con queste dichiarazioni, è allegata come Exhibit 15.1.
Il cambiamento indica una svolta nella governance, ma mantiene il calendario di revisione invariato; gli investitori dovrebbero monitorare la correzione delle debolezze di controllo segnalate prima della revisione del 2025.
Concorde International Group Ltd (CIGL) presentó un Formulario 6-K anunciando un cambio de auditor efectivo a partir del 1 de agosto de 2025. El Comité de Auditoría destituyó a Kreit & Chiu CPA LLP, cuyas opiniones de auditoría para 2023-24 fueron sin salvedades y no contenían reservas de alcance ni de principios contables GAAP. La firma informó no haber tenido desacuerdos con la administración sobre asuntos contables en los últimos dos años fiscales.
Simultáneamente, el Comité nombró a Assentsure PAC para auditar el año fiscal 2025 y revisar los resultados del primer semestre de 2025. La Compañía confirma que Assentsure no fue consultada previamente sobre ningún tema contable o de reporte.
Aunque no hubo eventos reportables relacionados con Kreit & Chiu, el documento reitera debilidades materiales en el control interno sobre la información financiera, principalmente brechas en la segregación de funciones, capacitación insuficiente en IFRS y controles de revisión ineficaces. La carta de Kreit & Chiu a la SEC, en la que están de acuerdo con estas revelaciones, se presenta como Exhibit 15.1.
El cambio señala un giro en la gobernanza pero mantiene el calendario de auditoría intacto; los inversores deben monitorear la corrección de las debilidades de control mencionadas antes de la auditoría del año fiscal 2025.
Concorde International Group Ltd (CIGL)가 2025년 8월 1일부로 감사인 변경을 발표하는 Form 6-K를 제출했습니다. 감사위원회는 2023-24 회계연도에 무자격 의견을 제시하고 범위 제한이나 GAAP 유보사항이 없었던 Kreit & Chiu CPA LLP를 해임했습니다. 해당 법인은 지난 두 회계연도 동안 경영진과 회계 문제에 대해 이견이 없었다고 보고했습니다.
위원회는 동시에 2025 회계연도 감사 및 2025년 상반기 실적 검토를 위해 Assentsure PAC를 선임했습니다. 회사는 Assentsure가 이전에 회계나 보고 문제에 대해 자문을 받은 적이 없다고 확인했습니다.
Kreit & Chiu와 관련된 보고 대상 사건은 없었지만, 제출 서류는 내부 회계 통제의 중대한 약점—주로 업무 분리 미비, IFRS 교육 부족, 비효율적인 검토 통제를 재차 명시하고 있습니다. Kreit & Chiu가 이 내용을 동의하는 SEC 제출 서한은 Exhibit 15.1로 첨부되어 있습니다.
이번 변경은 거버넌스 변화 신호이지만 감사 일정은 유지되며, 투자자들은 2025 회계연도 감사 전에 지적된 통제 약점 개선을 주시해야 합니다.
Concorde International Group Ltd (CIGL) a déposé un formulaire 6-K annonçant un changement d’auditeur effectif au 1er août 2025. Le comité d’audit a révoqué Kreit & Chiu CPA LLP, dont les opinions d’audit pour 2023-24 étaient sans réserve et ne comportaient aucune restriction de portée ni réserve GAAP. Le cabinet a déclaré n’avoir eu aucun désaccord avec la direction sur des questions comptables au cours des deux derniers exercices fiscaux.
Le comité a simultanément nommé Assentsure PAC pour auditer l’exercice 2025 et examiner les résultats du premier semestre 2025. La société confirme qu’Assentsure n’a pas été consultée auparavant sur des questions comptables ou de reporting.
Bien qu’aucun événement signalable lié à Kreit & Chiu n’ait été identifié, le dépôt réitère les faiblesses importantes précédemment divulguées dans le contrôle interne relatif aux rapports financiers – principalement des lacunes dans la séparation des fonctions, une formation IFRS insuffisante et des contrôles de revue inefficaces. La lettre de Kreit & Chiu à la SEC approuvant ces divulgations est jointe en tant qu’Exhibit 15.1.
Ce changement indique une évolution de la gouvernance tout en maintenant le calendrier d’audit ; les investisseurs doivent surveiller la correction des faiblesses de contrôle identifiées avant l’audit de l’exercice 2025.
Concorde International Group Ltd (CIGL) hat ein Formular 6-K eingereicht, in dem ein Wechsel des Abschlussprüfers zum 1. August 2025 angekündigt wird. Der Prüfungsausschuss hat Kreit & Chiu CPA LLP entlassen, dessen Prüfungsurteile für 2023-24 uneingeschränkt waren und keine Einschränkungen im Umfang oder bei den GAAP enthielten. Das Unternehmen berichtete, dass es in den letzten zwei Geschäftsjahren keine Meinungsverschiedenheiten mit dem Management bezüglich Rechnungslegungsfragen gab.
Gleichzeitig wurde Assentsure PAC mit der Prüfung für das Geschäftsjahr 2025 und der Überprüfung der Halbjahresergebnisse 2025 beauftragt. Das Unternehmen bestätigt, dass Assentsure vorher nicht zu buchhalterischen oder berichtsbezogenen Fragestellungen konsultiert wurde.
Obwohl es keine meldepflichtigen Ereignisse im Zusammenhang mit Kreit & Chiu gab, wiederholt die Einreichung zuvor offengelegte wesentliche Schwächen in der internen Kontrolle über die Finanzberichterstattung – vor allem Lücken in der Aufgaben-Trennung, unzureichende IFRS-Schulungen und ineffektive Prüfkontrollen. Das Schreiben von Kreit & Chiu an die SEC, in dem diesen Angaben zugestimmt wird, ist als Exhibit 15.1 beigefügt.
Der Wechsel signalisiert eine Änderung in der Governance, hält aber den Prüfungszeitplan ein; Investoren sollten die Behebung der genannten Kontrollschwächen vor der Prüfung für das Geschäftsjahr 2025 beobachten.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
(Exact Name of Registrant as Specified in its Charter)
|
|
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| ||
| (State or Other Jurisdiction of Incorporation) |
(Commission File No.) | (I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices, Including Zip Code)
(Registrant’s Telephone Number, Including Area Code)
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:
| (Title of Each Class) |
(Trading Symbol) |
(Name of Each Exchange on which Registered) | ||
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 2.02 | Results of Operations and Financial Condition. |
On August 5, 2025, Viasat, Inc. released its financial results for the first quarter of fiscal year 2026 in a letter to shareholders that is available on the investor relations section of its website. A copy of the press release announcing the release of financial results is furnished herewith as Exhibit 99.1 and a copy of the letter to shareholders is furnished herewith as Exhibit 99.2.
The information contained herein and in the accompanying exhibits shall not be incorporated by reference into any filing of the registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing. The information in this report, including the exhibit hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits |
| Exhibit Number |
Description of Exhibit | |
| 99.1 | Press Release dated August 5, 2025 issued by Viasat, Inc. | |
| 99.2 | Viasat, Inc. first quarter of fiscal year 2026 letter to shareholders dated August 5, 2025 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
1
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 hereunto duly authorized.
| Date: August 5, 2025 | Viasat, Inc. | |||
| By: | /s/ Brett Church | |||
| Brett Church | ||||
| Associate General Counsel | ||||
2
FAQ
Why did CIGL change its auditor in August 2025?
Were there any issues with Kreit & Chiu's prior audits of CIGL?
What internal control weaknesses does Concorde International still have?
Will the audit timeline for FY 2025 be impacted?
Did Assentsure provide prior consulting to CIGL?
