Iveda Solutions Changes Auditors

TL;DR

IVDA swapped auditors, bringing in WithumSmith+Brown. Keep an eye on this.

AI Summary

On May 9, 2024, Iveda Solutions, Inc. reported a change in its certifying accountant. The company dismissed its previous independent registered public accounting firm, M&K CPAS, PLLC, and has engaged WithumSmith+Brown, PC as its new principal accountant. This change was approved by the Audit Committee of the Board of Directors.

Why It Matters

A change in auditors can sometimes signal underlying issues or a desire for a fresh perspective on financial reporting, which investors should monitor.

Risk Assessment

Risk Level: medium — Changes in auditors can sometimes precede or coincide with financial scrutiny or restatements, warranting a higher risk assessment.

Key Players & Entities

• Iveda Solutions, Inc. (company) — Registrant
• M&K CPAS, PLLC (company) — Former certifying accountant
• WithumSmith+Brown, PC (company) — New certifying accountant
• Audit Committee of the Board of Directors (company) — Approving body for accountant change

FAQ

Key Financial Figures

• $0.00001 — ch registered Common Stock, par value $0.00001 per share IVDA The Nasdaq Stock Mar

Filing Documents

• form8-k.htm (8-K) — 31KB
• 0001493152-24-019326.txt ( ) — 244KB
• ivda-20240509.xsd (EX-101.SCH) — 4KB
• ivda-20240509_def.xml (EX-101.DEF) — 26KB
• ivda-20240509_lab.xml (EX-101.LAB) — 36KB
• ivda-20240509_pre.xml (EX-101.PRE) — 25KB
• form8-k_htm.xml (XML) — 5KB

01 Changes in Registrant's

Item 4.01 Changes in Registrant's Certifying Accountant. (a) Dismissal of Previous Independent Registered Public Accounting Firm On May 9, 2024, Iveda Solutions, Inc. (the " Company ") dismissed BF Borgers CPA PC as the Company's independent registered public accounting firm, effective immediately, as a result of the entry of an order by the Securities and Exchange Commission (the " Commission ") on May 3, 2024 (the " Order "), instituting settled administrative and cease-and-desist proceedings against BF Borgers CPA PC and its sole audit partner Benjamin F. Borgers CPA (individually and together, " BF Borgers "). The Company's Audit Committee (the " Committee ") unanimously voted in favor of dismissal of BF Borgers and the Company's Board of Directors (the " Board ") agreed with such recommendation. The audit reports of BF Borgers on the Company's consolidated financial statements for each of the two fiscal years ended December 31, 2023 and 2022 did not contain an adverse opinion or a disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles. During the Company's two most recent fiscal years ended December 31, 2023 and 2022 and the subsequent interim period through the date of this Current Report, the Company is of the opinion that: there were no (a) disagreements with BF Borgers on any matter of accounting principles or practices, financial statement disclosures, or auditing scope or procedure, which disagreements, if not resolved to BF Borger's satisfaction, would have caused BF Borger to make reference to the subject matter thereof in connection with its report for such period; or (b) reportable events, as described under Item 304(a)(1)(v) of Regulation S-K. The Order denies BF Borgers the privilege of appearing or practicing before the Commission as an accountant. As a result, BF Borgers may not participate in or perform the audit or review of financial information included in Commission filings, i

SIGNATURES

SIGNATURES 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. IVEDA SOLUTIONS, INC. Date: May 14, 2024 By: /s/ Robert J. Brilon Name: Robert J. Brilon Title: Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR