From this week on, there is a change in how auditor changes are tracked. We’ll look into all changes and not just the big4 firms. Makes sense to make the blog all inclusive. You might notice some small companies here so please bear with me folks!
| Company | Old Auditor | New Auditor | Nature of change | Total Fee Previous Auditor (‘000) $ |
|---|---|---|---|---|
| electroCore Inc. | KPMG | Marcum LLP | Dismissed | 630 |
| Paysign Inc. | Squar Milner | BDO | Dismissed | 81 |
| Poweverde Inc. | Cherry Bekaert LLP | – | Resigned | 53 |
| Apollo Endosurgery Inc. | KPMG | Moss Adams LLP | Dismissed | 758 |
| Arma Services Inc. | Haynie & Co. | Zia Masood Kiani & Co. | Dismissed | 4 |
| HYB Holding Corp | De Leon & Co. | Prager Metis | Resigned | – |
Bad week for KPMG. Lost two audit engagements which bought in $1.3 million in revenues last year. For electroCore Inc., KPMG provided IPO services in 2018 which bought in an additional $767K in revenues. Interestingly, both companies switched from Big4 to a mid-tier firm.
Most interesting change for this week is in HYB Holding Corp merely because of the wording of the 8-K. Let me quote from the 8-K
On February 12, 2020, the Board of Directors of HYB Holding Corp. was notified that De Leon & Company, P.A., which had been the principal independent accountant for HYB Holding Corp. for the year ended June 30, 2019, had terminated its operations. There is no audit committee of the Board of Directors of HYB Holding Corp.
For enthusiasts would like to read further, here is a link to the SEC filing.
HYB Holdings 8-K
Any other changes this week? Do leave a note in the comments section!