CPS Technologies Changes Auditors Amidst Disagreement
Ticker: CPSH · Form: 8-K · Filed: Oct 16, 2024 · CIK: 814676
Sentiment: neutral
Topics: auditor-change, accounting, disagreement
TL;DR
CPS Tech swapped auditors (Sax LLP out, BDO USA in) due to a disagreement over the FY24 audit.
AI Summary
CPS Technologies Corp. announced on October 11, 2024, that it has dismissed its independent registered public accounting firm, Sax LLP. The company has engaged BDO USA, LLP as its new independent registered public accounting firm, effective October 11, 2024. This change follows a disagreement regarding the audit of the fiscal year ended September 30, 2024.
Why It Matters
A change in auditors can sometimes signal underlying issues with financial reporting or internal controls, potentially impacting investor confidence.
Risk Assessment
Risk Level: medium — A disagreement with a former auditor and a change in accounting firms can introduce uncertainty regarding financial reporting accuracy.
Key Players & Entities
- CPS Technologies Corp. (company) — Registrant
- Sax LLP (company) — Former independent registered public accounting firm
- BDO USA, LLP (company) — New independent registered public accounting firm
- October 11, 2024 (date) — Date of auditor dismissal and engagement
- September 30, 2024 (date) — Fiscal year end for audit disagreement
FAQ
What was the reason for dismissing Sax LLP?
The company dismissed Sax LLP due to a disagreement regarding the audit of the fiscal year ended September 30, 2024.
Who is the new independent registered public accounting firm for CPS Technologies Corp.?
BDO USA, LLP has been engaged as the new independent registered public accounting firm.
When was the change in auditors effective?
The change in auditors was effective as of October 11, 2024.
Did Sax LLP consent to the change?
The filing states that Sax LLP has been advised of the company's position and has not indicated that it has any reason to believe that the information provided to Sax LLP by the company was incorrect or incomplete.
What is the fiscal year end for CPS Technologies Corp.?
The fiscal year end for CPS Technologies Corp. is December 28.
Filing Stats: 757 words · 3 min read · ~3 pages · Grade level 11.9 · Accepted 2024-10-16 11:31:24
Key Financial Figures
- $0.01 — ge on Which Registered Common Stock , $0.01 par value CPSH NASDAQ Capital Markets
Filing Documents
- cpsh20241016_8k.htm (8-K) — 25KB
- ex_733194.htm (EX-16.1) — 4KB
- pic1.jpg (GRAPHIC) — 11KB
- 0001437749-24-031327.txt ( ) — 174KB
- cpsh-20241011.xsd (EX-101.SCH) — 3KB
- cpsh-20241011_def.xml (EX-101.DEF) — 11KB
- cpsh-20241011_lab.xml (EX-101.LAB) — 15KB
- cpsh-20241011_pre.xml (EX-101.PRE) — 11KB
- cpsh20241016_8k_htm.xml (XML) — 3KB
01. Changes in Registrant ' s Certifying Accountants
Item 4.01. Changes in Registrant ' s Certifying Accountants (a) Dismissal of Previous Independent Registered Public Accounting Firm On October 11, 2024, the Audit Committee (the "Audit Committee") of the Board of Directors of CPS Technologies Corp. (the "Company") dismissed Wolf & Company, P.C. ("Wolf") as the Company's independent registered public accounting firm, effective with the completion of the Review of the Company's Form 10-Q for the quarter ended September 28, 2024. The dismissal was not related to any disagreements with Wolf on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure. Other than as described below, the reports of Wolf on the consolidated financial statements of the Company as of and for the fiscal years ended December 30, 2023 and December 31, 2022 did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope, or accounting principles. During the fiscal years ended December 30, 2023 and December 31, 2022, and during the interim periods through June 29, 2024, there were (i) no disagreements within the meaning of Item 304(a)(1)(iv) of Regulation S-K between the Company and Wolf on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, any of which, if not resolved to Wolf's satisfaction, would have caused Wolf to make reference thereto in their reports, and (ii) no "reportable events" within the meaning of Item 304(a)(1)(v) of Regulation S-K. The Company provided Wolf with a copy of the disclosures it is making in this Current Report on Form 8-K and requested that Wolf furnish the Company with a letter addressed to the SEC stating whether it agrees with the statements made herein and, if not, stating the respects in which it does not agree. A copy of such letter provided by Wolf, dated October 16, 2024, is filed as Exhibit 16.1 to this Current Report on
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 16.1 Letter from Wolf & Company, P.C., dated October 16, 2024 104 The cover page on this Current Report on Form 8-K, formatted in Inline XBRL 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 thereunto duly authorized. CPS Technologies Corp. (Registrant) Date: October 16, 2024 /s/ Charles Griffith Charles Griffith Chief Financial Officer