In February 2025, several public companies announced changes to their independent auditors. These transitions reflect broader trends such as firm consolidations, strategic realignments, and audit committee decisions to enhance financial oversight. Below is a summary of key auditor switches during the month:
Notable Auditor Transitions:
| Company | Outgoing Auditor | Incoming Auditor |
|---|---|---|
| American Clean Resources Group, Inc. | Turner Stone & Co. | M&K CPAS PLLC |
| Sono-Tek Corporation | Marcum LLP | CBIZ CPAs P.C. |
| PharmaCyte Biotech, Inc. | Marcum LLP | CBIZ CPAs P.C. |
| Luna Innovations Incorporated | EY | Not yet disclosed |
| New Aspire | Marcum LLP | Bush & Associates CPA LLC |
| Zhen Ding Resources Inc. | TPS Thayer, LLC | HTL International, LLC |
| United Express Inc. | Yusufali & Associates, LLC | Boladale Lawal & Co |
| SUIC Worldwide Holdings Ltd. | HHL LLP | Victor Mokuolu, CPA PLLC |
| Data443 Risk Mitigation, Inc. | TPS Thayer, LLC | HTL International, LLC |
| Transuite.Org Inc. | Mac Accounting Group & CPAs, LLP | JP Centurion & Partners PLT |
| BrightSpire Capital, Inc. | EY | Deloitte |
| Transcat, Inc. | Freed Maxick P.C. | Deloitte |
| Fastenal Company | KPMG | PwC |
| Spruce Power Holding Corporation | Deloitte | CohnReznick LLP |
| CSP Inc. | RSM LLP | CBIZ CPAs P.C. |
| iLearningEngines, Inc. | Marcum LLP | Not yet disclosed |
| CareMax National | PwC | Not yet disclosed |
Observations & Trends:
- CBIZ CPAs P.C. continues to grow, gaining multiple clients from Marcum LLP and RSM LLP, likely linked to CBIZ’s acquisition of Marcum’s attest business.
- HTL International, LLC has replaced TPS Thayer at more than one company, signaling a potential uptick in market presence.
- Auditor rotation among Big Four firms is evident, with Deloitte and PwC securing clients from EY, Freed Maxick, and KPMG.
- Some companies have not yet announced their new auditors, indicating ongoing transitions or pending confirmations.
These auditor changes are key indicators of shifting strategies in financial governance, mergers, and audit firm capabilities. Keeping track of such developments helps stakeholders understand a company’s evolving risk posture and corporate decision-making.
