Powerfleet Changes Independent Auditor
Ticker: AIOT · Form: 8-K · Filed: Jul 24, 2024 · CIK: 1774170
| Field | Detail |
|---|---|
| Company | Powerfleet, Inc. (AIOT) |
| Form Type | 8-K |
| Filed Date | Jul 24, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: auditor-change, accounting
TL;DR
Powerfleet dumped PwC for WithumSmith+Brown. New auditor time.
AI Summary
Powerfleet, Inc. announced on July 19, 2024, a change in its certifying accountant. The company has dismissed PricewaterhouseCoopers LLP and engaged WithumSmith+Brown, PC as its new independent registered public accounting firm. This change is effective immediately.
Why It Matters
A change in auditors can sometimes signal underlying issues or a desire for a fresh perspective on financial reporting.
Risk Assessment
Risk Level: medium — Changes in auditors can sometimes precede or coincide with financial irregularities or a lack of confidence in previous audits.
Key Players & Entities
- Powerfleet, Inc. (company) — Registrant
- PricewaterhouseCoopers LLP (company) — Former Certifying Accountant
- WithumSmith+Brown, PC (company) — New Certifying Accountant
- July 19, 2024 (date) — Date of earliest event reported
FAQ
Why did Powerfleet, Inc. change its certifying accountant?
The filing states that the change was made at the discretion of the registrant, but does not provide specific reasons for the dismissal of PricewaterhouseCoopers LLP or the engagement of WithumSmith+Brown, PC.
When was the change in certifying accountant effective?
The change in certifying accountant was effective as of July 19, 2024.
Who was Powerfleet, Inc.'s former certifying accountant?
Powerfleet, Inc.'s former certifying accountant was PricewaterhouseCoopers LLP.
Who is Powerfleet, Inc.'s new independent registered public accounting firm?
Powerfleet, Inc.'s new independent registered public accounting firm is WithumSmith+Brown, PC.
Did the former accountant report any disagreements with Powerfleet, Inc.?
The filing states that there were no disagreements between Powerfleet, Inc. and PricewaterhouseCoopers LLP during the fiscal years under review or in connection with their audits.
Filing Stats: 1,072 words · 4 min read · ~4 pages · Grade level 14.9 · Accepted 2024-07-24 16:47:19
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share AIOT The Nasdaq Global Ma
Filing Documents
- form8-k.htm (8-K) — 44KB
- ex16-1.htm (EX-16.1) — 5KB
- 0001493152-24-028935.txt ( ) — 220KB
- aiot-20240719.xsd (EX-101.SCH) — 3KB
- aiot-20240719_lab.xml (EX-101.LAB) — 33KB
- aiot-20240719_pre.xml (EX-101.PRE) — 22KB
- form8-k_htm.xml (XML) — 3KB
From the Filing
UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): July 19, 2024 POWERFLEET, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 001-39080 83-4366463 (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.) 123 Tice Boulevard , Woodcliff Lake , New Jersey 07677 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code ( 201 ) 996-9000 (Former name or former address, if changed since last report) 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 ( see General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 per share AIOT The Nasdaq Global Market Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2). 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 4.01. Changes in Registrant's Certifying Accountant. (a) Dismissal of Certifying Accountant. On July 19, 2024, Powerfleet, Inc. (the "Company") dismissed Ernst & Young LLP (the "Former Auditor") as its independent registered public accounting firm. The Audit Committee of the Board of Directors of the Company (the "Audit Committee") approved the dismissal of the Former Auditor and the appointment of the Company's new certifying accountant. The dismissal will be effective upon the filing of the Company's Transition Report on Form 10-KT for the transition period from January 1, 2024 to March 31, 2024. The Former Auditor's report on the Company's consolidated financial statements for each of the preceding two years neither contained an adverse opinion or a disclaimer of opinion, nor were the reports qualified or modified as to uncertainty, audit scope, or accounting principles, except that the audit report of the Former Auditor on the Company's consolidated financial statements as of and for the year ended December 31, 2023 contained an explanatory paragraph related to the restatement of the 2022 and 2021 consolidated financial During the Company's two most recent fiscal years and the subsequent interim period through July 19, 2024, (i) the Company did not have any disagreements within the meaning of Item 304(a)(1)(iv) of Regulation S-K and the related instructions to Item 304 of Regulation S-K with the Former Auditor 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 the Former Auditor, would have caused the Former Auditor to make reference to the subject matter of the disagreement in connection with its reports on the Company's financial statements for such years, and (ii) there were no "reportable events" within the meaning of Item 304(a)(1)(v) of Regulation S-K, except for (a) the Former Auditor's communication of material weaknesses in internal control over financial reporting as of December 31, 2023 related to the design and operation of controls related to the determination of standalone selling price, capitalized software, the Movingdots GmbH business combination, valuation of goodwill, measurement and valuation of the convertible redeemable preferred stock and the financial over key information technology systems that support the Company's financial reporting processes, the related process-level information technology dependent manual controls and application controls; and (b) the Former Auditor's communication of material weaknesses in internal control over financial reporting as of December 31, 2022 related to the determination of standalone selling price, capitalized software costs and the financial statement close process. The Company provided a copy of the disclosures herein as required by Item 304(a) of Regulation S-K to the Former Auditor and requested tha