8-K: Amplify Commodity Trust Changes Independent Auditor from WithumSmith+Brown to Cohen & Company

Amplify Commodity Trust has dismissed WithumSmith+Brown as its independent auditor and appointed Cohen & Company, effective November 5, 2024.

Summary

• Amplify Commodity Trust has changed its independent registered public accounting firm.
• WithumSmith+Brown, PC was dismissed as the auditor effective November 5, 2024.
• Cohen & Company, Ltd. was appointed as the new auditor, also effective November 5, 2024.
• The dismissal of Withum was not due to any disagreements on accounting principles or practices, financial statement disclosure, or auditing scope.
• Withum's audit reports for the fiscal year ended June 30, 2024, did not contain any adverse opinions or disclaimers.
• The Trust did not consult with Cohen prior to their appointment regarding accounting principles or audit opinions.

Sentiment

Score: 7

Explanation: The document indicates a routine change of auditors with no apparent issues, suggesting a neutral to slightly positive sentiment. The lack of disagreements with the previous auditor is a positive sign.

Positives

• The change in auditors was not due to any disagreements or issues with Withum's work.
• Withum's audit reports for the fiscal year ended June 30, 2024, were clean, indicating no significant accounting or auditing concerns.
• The transition to a new auditor was completed quickly and efficiently.

Risks

• There is a risk that the new auditor, Cohen & Company, may have a different approach to auditing, which could lead to changes in accounting practices or financial reporting.
• The transition to a new auditor could potentially introduce some short-term disruption to the audit process.

Future Outlook

The Trust will be audited by Cohen & Company for the fiscal year ending June 30, 2025.

Management Comments

• Management of Amplify Investments LLC, the Sponsor, dismissed WithumSmith+Brown.
• The Sponsor approved the engagement of Cohen & Company, Ltd.

Industry Context

Changes in auditors are not uncommon, and this change appears to be a routine transition rather than a result of any significant issues. It is important for companies to maintain a strong relationship with their auditors to ensure the integrity of their financial reporting.

Comparison to Industry Standards

• The process of changing auditors is a standard practice in the industry, and the disclosure provided by Amplify Commodity Trust is consistent with regulatory requirements.
• Many companies change auditors periodically to ensure independence and fresh perspectives on their financial statements.
• The fact that there were no disagreements with the previous auditor is a positive sign, indicating that the change was not due to any underlying issues.

Stakeholder Impact

• Shareholders should be aware of the change in auditors, but it is not expected to have a significant impact on the Trust's operations or financial reporting.
• The change in auditors is not expected to have any impact on employees, customers, suppliers, or creditors.

Next Steps

• Cohen & Company will conduct the audit for the fiscal year ending June 30, 2025.

Key Dates

Keywords

auditor, accounting, WithumSmith+Brown, Cohen & Company, independent registered public accounting firm, audit, financial statements