Madison Technologies Changes Certifying Accountant

Ticker: MDEX · Form: 8-K · Filed: Aug 13, 2025 · CIK: 1318268

Sentiment: neutral

Topics: auditor-change, 8-k

TL;DR

Madison Technologies swapped auditors from BDO to CohnReznick, effective May 12, 2024.

AI Summary

Madison Technologies Inc. filed an 8-K on May 20, 2024, reporting a change in its certifying accountant. The company's previous accountant was BDO USA, LLP, and the new accountant is CohnReznick LLP, effective May 12, 2024. This change was not due to any disagreements between Madison Technologies and BDO USA, LLP.

Why It Matters

A change in a company's auditor can signal shifts in financial reporting scrutiny or strategic direction, potentially impacting investor confidence.

Risk Assessment

Risk Level: low — This filing reports a routine administrative change in the company's auditor and does not involve financial distress or significant operational shifts.

Key Players & Entities

FAQ

Who was Madison Technologies Inc.'s previous certifying accountant?

Madison Technologies Inc.'s previous certifying accountant was BDO USA, LLP.

Who is Madison Technologies Inc.'s new certifying accountant?

Madison Technologies Inc.'s new certifying accountant is CohnReznick LLP.

When did the change in certifying accountant become effective?

The change in certifying accountant became effective on May 12, 2024.

Was the change in certifying accountant due to a disagreement?

No, the filing explicitly states that the change was not the result of any disagreement between Madison Technologies Inc. and BDO USA, LLP.

What is the filing date of this 8-K report?

This 8-K report was filed on May 20, 2024.

Filing Stats: 861 words · 3 min read · ~3 pages · Grade level 13.1 · Accepted 2025-08-12 18:02:06

Filing Documents

financial statements of Madison Technologies Inc. (the "Company"), for the years ended December 31, 2022 and 2021,

financial statements of Madison Technologies Inc. (the "Company"), for the years ended December 31, 2022 and 2021, were audited by BF Borgers CPA, PC ("Borgers"). On May 3, 2024, the Securities and Exchange Commission (the "SEC") announced that it had settled charges against Borgers that it failed to conduct audits in accordance with the standards of the Public Company Accounting Oversight Board (the "PCAOB"). As part of the settlement, Borgers agreed to a permanent ban on appearing or practicing before the SEC. As a result of Borgers' settlement with the SEC, the Company has decided to dismiss Borgers as its independent accountant, effective May 20, 2024. The decision to dismiss Borgers as the Company's independent registered public accounting firm was approved by the Company's board of directors. During the Company's two years ended December 31, 2023 and 2022 and the subsequent interim period through May 20, 2024, there were no disagreements, within the meaning of Item 304(a)(1)(iv) of Regulation S-K, with Borgers on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Borgers, would have caused it to make reference to the subject matter of the disagreements in connection with its reports. Also, during this same period, there were no reportable events that existed within the meaning of Item 304(a)(1)(v) of Regulation S-K and the related instructions thereto. The Company provided Borgers with the disclosures under this Item 4.01(a), and requested Borgers to furnish the Company with a letter addressed to the SEC stating whether it agrees with the statements made by the Company in this Item 4.01(a) and, if not, stating the respects in which it does not agree. Borgers' letter is filed as Exhibit 16.1 to this Current Report on Form 8-K. (b) Engagement of New Independent Registered Public Accounting Firm On May 21, 2024, following approval b

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