KORU Medical Systems Changes Auditors
Ticker: KRMD · Form: 8-K · Filed: Jun 3, 2024 · CIK: 704440
| Field | Detail |
|---|---|
| Company | Koru Medical Systems, Inc. (KRMD) |
| Form Type | 8-K |
| Filed Date | Jun 3, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.01 |
| Sentiment | neutral |
Sentiment: neutral
Topics: auditor-change, accounting
Related Tickers: KORU
TL;DR
KORU Medical just swapped auditors from WithumSmith+Brown to BDO USA.
AI Summary
KORU Medical Systems, Inc. filed an 8-K on June 3, 2024, to report a change in its certifying accountant. The company has dismissed its previous independent registered public accounting firm, WithumSmith+Brown, PC, and has appointed BDO USA, P.A. 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 with financial reporting or internal controls, or it could simply be a routine decision by the company's audit committee.
Risk Assessment
Risk Level: medium — Changes in auditors can sometimes precede or coincide with financial irregularities or a change in the company's financial health.
Key Players & Entities
- KORU Medical Systems, Inc. (company) — Registrant
- WithumSmith+Brown, PC (company) — Former Certifying Accountant
- BDO USA, P.A. (company) — New Certifying Accountant
- June 3, 2024 (date) — Filing Date
FAQ
When was the decision to change auditors made?
The decision to dismiss WithumSmith+Brown, PC and appoint BDO USA, P.A. was made on May 29, 2024, and subsequently ratified by the Audit Committee on June 3, 2024.
Did the company have any disagreements with its former auditor?
The filing states that there were no disagreements or reportable events between KORU Medical Systems, Inc. and WithumSmith+Brown, PC during the fiscal years ended December 31, 2023, and 2022, or in the subsequent interim period.
What is the effective date of the change in auditors?
The dismissal of WithumSmith+Brown, PC was effective immediately upon the appointment of BDO USA, P.A. as the principal accountant, which was approved on June 3, 2024.
Who is the new principal accountant for KORU Medical Systems, Inc.?
BDO USA, P.A. has been appointed as the new principal accountant for KORU Medical Systems, Inc.
Has the Audit Committee been informed of the change in accountants?
Yes, the Audit Committee of the Board of Directors of KORU Medical Systems, Inc. was informed of and approved the change in certifying accountants.
Filing Stats: 879 words · 4 min read · ~3 pages · Grade level 13.4 · Accepted 2024-06-03 17:19:50
Key Financial Figures
- $0.01 — nge on which registered common stock, $0.01 par value KRMD The Nasdaq Stock Marke
Filing Documents
- form_8-k.htm (8-K) — 24KB
- ex_16-1.htm (EX-99) — 2KB
- 0001161697-24-000250.txt ( ) — 194KB
- krmd-20240603.xsd (EX-101.SCH) — 3KB
- krmd-20240603_lab.xml (EX-101.LAB) — 33KB
- krmd-20240603_pre.xml (EX-101.PRE) — 22KB
- form_8-k_htm.xml (XML) — 3KB
01 Changes
ITEM 4.01 Changes in Registrant's Certifying Accountant. (a) On June 3, 2024, the Audit Committee (the "Audit Committee") of the board of directors of the Company approved the dismissal of McGrail Merkel Quinn & Associates, P.C. ("MMQ") as the Company's independent registered public accounting firm, effective immediately. The reports of MMQ on the Company's financial of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles. In connection with the audits of the Company's financial statements for each of the two fiscal years ended December 31, 2023 and December 31, 2022, and in the subsequent interim period through June 3, 2024, there were no "disagreements" (as that term is defined in Item 304(a)(1)(iv) of Regulation S-K and related instructions) between the Company and MMQ on any matters of accounting principles or practices, financial statement disclosure or auditing scope and procedures which, if not resolved to the satisfaction of MMQ, would have caused MMQ to make reference to the subject matter of the disagreement in their reports. The Company provided MMQ with a copy of the disclosures it is making in this Current Report on Form 8-K and requested that MMQ furnish the Company with a letter addressed to the SEC stating whether it agrees with the statements contained herein. A copy of MMQ's letter, dated June 3, 2024, is filed as Exhibit 16.1 to this Current Report on Form 8-K. (b) On June 3, 2024, the Audit Committee approved, on behalf of the Company, the engagement of Cherry Bekaert LLP ("Cherry Bekaert") as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2024. During the years ended December 31, 2023 and 2022, and the subsequent interim period through June 3, 2024, neither the Company nor anyone on its behalf consul
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. As described in Item 4.01 of this Report, the following exhibit is filed as part of this Current Report on Form 8-K: Exhibit No. Description 16.1 Letter dated June 3, 2024 from McGrail Merkel Quinn & Associates, P.C. to the Securities and Exchange Commission confirming the disclosures contained in Item 4.01 of this report on Form 8-K 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) - 2 -
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. KORU Medical Systems, Inc. (Registrant) Date: June 3, 2024 By: /s/ Linda Tharby Linda Tharby President and Chief Executive Officer - 3 -