8-K: Applied DNA Sciences Changes Auditors Following Acquisition
8-K Filing
Applied DNA Sciences replaces Marcum LLP with CBIZ CPAs P.C. as its independent auditor due to CBIZ's acquisition of Marcum's attest business.
Summary
- Applied DNA Sciences (APDN) has changed its independent registered public accounting firm.
- Marcum LLP resigned as the company's auditor on January 24, 2025, due to CBIZ CPAs P.C.'s acquisition of Marcum's attest business on November 1, 2024.
- The Audit Committee approved the engagement of CBIZ CPAs P.C. as the new independent auditor for the fiscal year ending September 30, 2025.
- Marcum's reports for the fiscal years ended September 30, 2024 and 2023, did not contain any adverse opinions or disclaimers, except for an explanatory paragraph regarding the company's ability to continue as a going concern.
- There were no disagreements or reportable events between APDN and Marcum during the relevant periods that would have required mention in Marcum's report.
- APDN did not consult with CBIZ CPAs P.C. prior to their engagement regarding accounting principles or audit opinions.
Sentiment
Score: 7
Explanation: The announcement is neutral to slightly positive. The auditor change is due to an acquisition and there are no reported disagreements, suggesting a smooth transition.
Positives
- The transition to a new auditor appears to be smooth, with no reported disagreements or reportable events with the previous auditor, Marcum LLP.
- Marcum LLP agreed with the statements made by Applied DNA Sciences, Inc. regarding their firm in the Form 8-K.
Future Outlook
The company will be audited by CBIZ CPAs P.C. for the fiscal year ending September 30, 2025.
Industry Context
Changes in auditors are relatively common, especially following mergers or acquisitions within the accounting industry. This change appears to be a direct result of CBIZ's acquisition of Marcum's attest business, rather than any specific issue with Applied DNA Sciences' financials.
Stakeholder Impact
- Shareholders should be aware of the change in auditors, although it appears to be a routine administrative matter.
- The change should have minimal impact on employees or other stakeholders.
Key Dates
| Date | Description |
|---|---|
| 2024-11-01 | CBIZ CPAs P.C. acquired the attest business of Marcum LLP |
| 2025-01-24 | Marcum LLP resigned as auditor of Applied DNA Sciences |
| 2025-01-24 | CBIZ CPAs P.C. was engaged as the new auditor |
| 2025-01-30 | Date of Marcum LLP's letter to the SEC |
| 2025-09-30 | Fiscal year end for which CBIZ CPAs P.C. will serve as auditor |
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