8-K: Forward Industries Dismisses CohnReznick, Appoints CBIZ as New Independent Auditor
8-K Filing
Forward Industries has dismissed CohnReznick LLP as its independent auditor and appointed CBIZ CPAs P.C. effective March 28, 2025.
Summary
- Forward Industries dismissed CohnReznick LLP as their independent registered public accounting firm on March 28, 2025.
- The decision was approved by the Board of Directors and Audit Committee.
- CohnReznick's reports for the fiscal years ended September 30, 2024 and 2023 did not contain any adverse opinions or disclaimers, but the 2024 report included an explanatory paragraph regarding the company's ability to continue as a going concern.
- There were no disagreements or reportable events between Forward Industries and CohnReznick during the relevant periods.
- Forward Industries appointed CBIZ CPAs P.C. as the new independent registered public accounting firm on March 28, 2025.
- The company did not consult with CBIZ on accounting principles or audit opinions prior to the appointment.
Sentiment
Score: 5
Explanation: The sentiment is neutral. While a change in auditors isn't inherently negative, the going concern note in the previous auditor's report introduces a degree of caution.
Positives
- CohnReznick agreed with the statements made by Forward Industries regarding their dismissal, indicating a smooth transition.
Negatives
- CohnReznick's report for the fiscal year ended September 30, 2024, contained an explanatory paragraph regarding the company's ability to continue as a going concern.
Risks
- The change in auditors could potentially raise concerns among investors until CBIZ establishes a track record with Forward Industries.
- The explanatory paragraph in CohnReznick's 2024 report regarding the company's ability to continue as a going concern could be a cause for concern.
Industry Context
Changes in auditors are not uncommon, but they can sometimes signal underlying issues within a company. Investors often scrutinize the reasons behind such changes.
Stakeholder Impact
- Shareholders may react to the change in auditors and the going concern note, potentially impacting the stock price.
- Employees in the finance and accounting departments may experience some disruption during the transition to the new auditor.
Key Dates
| Date | Description |
|---|---|
| September 30, 2023 | End of fiscal year for which CohnReznick issued an audit report. |
| September 30, 2024 | End of fiscal year for which CohnReznick issued an audit report with a going concern explanatory paragraph. |
| March 28, 2025 | Date of dismissal of CohnReznick and appointment of CBIZ as the new independent auditor. |
| March 31, 2025 | Date of CohnReznick's letter to the SEC regarding the auditor change. |
Keywords
independent auditor, CBIZ CPAs P.C., CohnReznick LLP, accounting firm, Form 8-K, Forward Industries
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.