TechPrecision Corp Changes Independent Accountant
Ticker: TPCS · Form: 8-K · Filed: Nov 26, 2024 · CIK: 1328792
| Field | Detail |
|---|---|
| Company | Techprecision Corp (TPCS) |
| Form Type | 8-K |
| Filed Date | Nov 26, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.0001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: auditor-change, resignation
TL;DR
TechPrecision's auditor resigned, and they haven't picked a new one yet.
AI Summary
On November 20, 2024, TechPrecision Corporation filed an 8-K report to disclose changes in its certifying accountant. The company's former independent registered public accounting firm, CohnReznick LLP, resigned. The audit committee of the Board of Directors has not yet appointed a new independent registered public accounting firm.
Why It Matters
A change in auditors can sometimes signal underlying issues with financial reporting or internal controls, warranting closer scrutiny by investors.
Risk Assessment
Risk Level: medium — A change in auditor, especially without a replacement named, can introduce uncertainty regarding financial reporting integrity and future audit processes.
Key Players & Entities
- TechPrecision Corporation (company) — Registrant
- CohnReznick LLP (company) — Former independent registered public accounting firm
- November 20, 2024 (date) — Date of earliest event reported
FAQ
Why did CohnReznick LLP resign as TechPrecision Corporation's independent auditor?
The filing does not specify the reasons for CohnReznick LLP's resignation, only that they resigned.
Has TechPrecision Corporation appointed a new independent auditor?
No, as of the filing date of November 20, 2024, TechPrecision Corporation has not yet appointed a new independent registered public accounting firm.
When was the resignation of the former auditor effective?
The filing states that the resignation was effective on November 20, 2024.
Did the former auditor report any disagreements with TechPrecision Corporation?
The filing states that there were no disagreements or reportable events between TechPrecision Corporation and CohnReznick LLP.
Who is responsible for appointing the new independent auditor?
The audit committee of the Board of Directors of TechPrecision Corporation is responsible for appointing the new independent registered public accounting firm.
Filing Stats: 1,006 words · 4 min read · ~3 pages · Grade level 13.1 · Accepted 2024-11-26 17:00:16
Key Financial Figures
- $0.0001 — ch registered Common Stock, par value $0.0001 per share TPCS Nasdaq Capital Market
Filing Documents
- tm2429635d1_8k.htm (8-K) — 29KB
- tm2429635d1_ex16-1.htm (EX-16.1) — 3KB
- tm2429635d1_ex16-1img001.jpg (GRAPHIC) — 8KB
- tm2429635d1_ex16-1img002.jpg (GRAPHIC) — 4KB
- tm2429635d1_ex16-1img003.jpg (GRAPHIC) — 5KB
- 0001104659-24-123156.txt ( ) — 227KB
- tpcs-20241120.xsd (EX-101.SCH) — 3KB
- tpcs-20241120_lab.xml (EX-101.LAB) — 33KB
- tpcs-20241120_pre.xml (EX-101.PRE) — 22KB
- tm2429635d1_8k_htm.xml (XML) — 3KB
01
Item 4.01 Changes in Registrant's Certifying Accountant. TechPrecision Corporation (the " Company ") was notified that Marcum LLP (" Marcum "), the Company's independent registered public accounting firm, entered into an agreement to merge with CBIZ, Inc. on November 1, 2024. In a separate transaction on that date, CBIZ CPAs P.C., previously known as Mayer Hoffman McCann P.C. with which CBIZ Inc. has an existing Administrative Services Agreement, purchased substantially all of Marcum's attest business assets. Substantially all of the partners and staff that provided attestation services with Marcum joined CBIZ CPAs P.C. On November 20, 2024, Marcum resigned as auditors of the Company and with the approval of the Audit Committee of the Company's Board of Directors, CBIZ CPAs P.C. was engaged as the Company's independent registered public accounting firm. The reports of Marcum regarding the Company's financial statements for the fiscal years ended March 31, 2024 and 2023 did not contain any adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles, except that the report for the year ended March 31, 2024 included an explanatory paragraph indicating that there was substantial doubt about the Company's ability to continue as a going concern. During the years ended March 31, 2024 and 2023 and during the interim period from the end of the most recently completed year through November 20, 2024, the date of resignation, there were (a) no disagreements (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) with Marcum 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 Marcum, would have caused Marcum to make reference to such disagreement in its report or (b) no "reportable events" (as defined in Item 304(a)(1)(v) of Regulation S-K and the related
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 16.1 Letter from Marcum dated November 26, 2024 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document)
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. TECHPRECISION CORPORATION Date: November 26, 2024 By: /s/ Richard D. Roomberg Name: Richard D. Roomberg Title: Chief Financial Officer