8-K: Bergio International Changes Auditors, Appoints Olayinka Oyebola & Co.

Bergio International has replaced its auditor, BF Borgers CPA, PC, with Olayinka Oyebola & Co., effective January 24, 2024.

Summary

• Bergio International, Inc. has changed its independent registered public accounting firm.
• BF Borgers CPA, PC resigned as the company's auditor effective immediately on January 26, 2024.
• The company appointed Olayinka Oyebola & Co. as its new auditor, effective January 24, 2024.
• The reports from Borgers for the fiscal years ended December 31, 2022, and 2021, did not contain any adverse opinions or disclaimers.
• There were no disagreements between Bergio and Borgers on accounting principles or practices during the fiscal years ended December 31, 2020, and 2021, and through July 15, 2022.
• Borgers did not advise the company of any matters specified in Item 304(a)(1)(v) of Regulation S-K during the fiscal years ended December 31, 2022, and 2021, and the interim period through September 30, 2023.
• The company confirmed that it had not consulted Olayinka regarding accounting principles or audit opinions prior to their appointment.

Sentiment

Score: 5

Explanation: The document reports a change in auditors, which is a neutral event. There are no indications of financial distress or positive news, so the sentiment is considered neutral.

Positives

• The previous auditor's reports did not contain any adverse opinions or disclaimers.
• There were no disagreements between the company and the previous auditor on accounting matters.

Negatives

• The company has changed its auditor, which can sometimes raise concerns among investors.

Risks

• A change in auditors can sometimes lead to uncertainty about the company's financial reporting.
• The market may react negatively to the change in auditors.

Management Comments

• Berge Abajian, the company's CEO and sole Director, approved the 8k filing.

Industry Context

Changes in auditors are not uncommon, but they can be a point of scrutiny for investors, especially if the change is sudden or unexplained. It is important for companies to maintain transparency and ensure a smooth transition to a new auditor.

Comparison to Industry Standards

• The change of auditors is a common event in the corporate world, but the circumstances surrounding the change are important.
• Companies like General Electric and Enron have had auditor changes that have led to significant scrutiny and market reaction.
• The lack of disagreements with the previous auditor is a positive sign, but the market will be watching closely to see how the new auditor performs.

Stakeholder Impact

• Shareholders may be concerned about the change in auditors and its potential impact on financial reporting.
• Employees may be indirectly affected by any changes in the company's financial reporting practices.

Key Dates

Keywords

auditor, accounting firm, BF Borgers CPA, Olayinka Oyebola & Co, financial statements, audit, SEC filing