Aeries Technology Changes Auditors Amidst Revenue Recognition Disagreement
Ticker: AERTW · Form: 8-K · Filed: Aug 15, 2024 · CIK: 1853044
Sentiment: neutral
Topics: auditor-change, accounting-dispute
Related Tickers: AERT
TL;DR
Aeries Tech swapped auditors (WithumSmith+Brown out, BDO USA in) due to a revenue recognition dispute.
AI Summary
Aeries Technology, Inc. announced on August 11, 2024, that it has dismissed its principal independent registered public accounting firm, WithumSmith+Brown, PC. The company has engaged BDO USA, LLP as its new independent registered public accounting firm, effective August 11, 2024. This change follows a disagreement regarding the accounting treatment of certain revenue recognition matters.
Why It Matters
A change in auditors, especially when linked to accounting disagreements, can signal potential issues with financial reporting and may lead to increased scrutiny from investors and regulators.
Risk Assessment
Risk Level: medium — A change in auditors, particularly when related to accounting disagreements, introduces uncertainty and potential risks regarding the accuracy and reliability of past and future financial statements.
Key Players & Entities
- Aeries Technology, Inc. (company) — Registrant
- WithumSmith+Brown, PC (company) — Former principal independent registered public accounting firm
- BDO USA, LLP (company) — New independent registered public accounting firm
- August 11, 2024 (date) — Effective date of auditor change and dismissal
FAQ
When was Aeries Technology, Inc. incorporated or organized?
Aeries Technology, Inc. was incorporated or organized in the Cayman Islands.
What was the former name of Aeries Technology, Inc.?
The former name of Aeries Technology, Inc. was Worldwide Webb Acquisition Corp., with a date of name change on March 24, 2021.
What is Aeries Technology, Inc.'s IRS Employer Identification Number?
Aeries Technology, Inc.'s IRS Employer Identification Number is 98-1587626.
What is the SEC file number for Aeries Technology, Inc.?
The SEC file number for Aeries Technology, Inc. is 001-40920.
What is the primary business address listed for Aeries Technology, Inc.?
The primary business address listed for Aeries Technology, Inc. is 60 Paya Lebar Road.
Filing Stats: 1,296 words · 5 min read · ~4 pages · Grade level 16.2 · Accepted 2024-08-15 17:00:14
Key Financial Figures
- $0.0001 — ed Class A ordinary shares, par value $0.0001 per share AERT Nasdaq Capital Marke
- $11.50 — ordinary share at an exercise price of $11.50 AERTW Nasdaq Capital Market Indic
Filing Documents
- aeriestech_8k.htm (8-K) — 37KB
- aeriestech_ex16-1.htm (EX-16.1) — 6KB
- 0001829126-24-005579.txt ( ) — 264KB
- aert-20240811.xsd (EX-101.SCH) — 4KB
- aert-20240811_def.xml (EX-101.DEF) — 26KB
- aert-20240811_lab.xml (EX-101.LAB) — 36KB
- aert-20240811_pre.xml (EX-101.PRE) — 25KB
- aeriestech_8k_htm.xml (XML) — 6KB
01 Changes
Item 4.01 Changes in Registrant's Certifying Accountant. (a) Dismissal of Independent Registered Public Accounting Firm On August 11, 2024, the Audit Committee of the Board of Directors (the "Audit Committee") of Aeries Technology, Inc. (the "Company") approved the dismissal of, and dismissed, KNAV CPA LLP ("KNAV") as the Company's independent registered public accounting firm. KNAV was the independent registered public accounting firm of the Company since February 1, 2024. Prior to the completion of the Company's business combination with Aark Singapore Ptd. Ltd. ("AARK"), KNAV had been the independent registered public accounting firm of AARK since 2022. KNAV's report on AARK's carve-out consolidated financial statements, as of and for the fiscal years ended March 31, 2023 and March 31, 2022 (as restated) (the "Financial Statements") did not contain an adverse opinion or a disclaimer of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principle, except that the report of KNAV on the Financial Statements contained an explanatory paragraph which noted that the Financial Statements have been restated to correct certain misstatements. During the fiscal years ended March 31, 2023 and March 31, 2024 and the subsequent interim period through the date of this Current Report on Form 8-K, there were no "disagreements" (as defined in Item 304(a)(1)(iv) of Regulation S-K) between the Company and KNAV on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements, if not resolved to the satisfaction of KNAV, would have caused KNAV to make reference to the subject matter of such disagreements in their reports on the Company's consolidated financial statements for such fiscal periods except with respect to the below. In connection with the audit of the Company's financial statements for the fiscal year ended March 31, 2024, KNAV advised the Company of its nee
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit No. Description 16.1 Letter of KNAV CPA LLP, dated August 15, 2024. (filed herewith) 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 2 SIGNATURE 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 15, 2024 AERIES TECHNOLOGY, INC. A Cayman Islands exempted company By: /s/ Rajeev Nair Name: Rajeev Nair Title: Chief Financial Officer 3