Writer Choice

41261Auditor Accountability” Please respond to the following:

Study the Report of Independent Registered Public Accounting Firm for Uniti Group Inc. (link to 10K on SEC Edgar website. https://www.sec.gov/Archives/edgar/data/1620280/000156459019008290/unit-10k_20181231.htm#REPORT_INDEPENDENT_REGISTERED_PUBLIC_ACC
Study the announcement below from Globe News Wire on February 27, 2010 7:00PM EDT

1.Discuss the difference between this audit report and a standard unqualified auditor’s opinion. Include discussion that shows your understanding of the accounting principle requiring the modification and the cause of the finding of the auditor(s).
Uniti Group Inc. Postpones Release of Fourth Quarter and Year End 2018 Financial Results and Conference Call

There is substantial doubt about our ability to continue as a going concern.

There is substantial doubt about our ability to continue as a going concern and in its opinion on our December 31, 2018 financial statements, PricewaterhouseCoopers LLP, our independent registered public accounting firm, expressed substantial doubt as to whether we could continue as a going concern within one year after the date the financial statements are issued as a result of Windstream’s bankruptcy petition and the bankruptcy’s uncertain effects on the Master Lease. Our financial statements do not include any adjustments that may result from the outcome of this uncertainty. While the outcome is uncertain, we expect Windstream will continue to perform on the Master Lease and believe the probability of Windstream rejecting the lease in bankruptcy to be remote because the Master Lease is central to Windstream’s operations. We intend to reduce our capital expenditures and dividend as well as seek external funding in order to sustain our operations. If we do not succeed in raising such funds and reducing such expenditures and if Windstream elects to reject the Master Lease, we could experience a material adverse effect on our business and our stockholders may lose some or all of their investment in us. In addition, a failure to provide 2018 audited financial statements without a going concern opinion to the lenders under our Credit Agreement by March 31, 2019 would constitute a breach of the covenants of our Credit Agreement and, unless such default is waived by our lenders, would constitute an immediate event of default. If an event of default were to occur under our Credit Agreement, the Credit Agreement’s administrative agent could declare all outstanding loans immediately due and payable. Such an acceleration would trigger cross-default provisions within the indentures governing our senior notes and thereby entitle the trustee and note holders to accelerate the repayment of the senior notes.

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