8-K: Freedom Holdings Changes Certifying Accountant: Olayinka Oyebola & Co. Replaced by Boladale Lawal & Co.
Current Report (8-K)
Freedom Holdings, Inc. announces the dismissal of Olayinka Oyebola & Co. as their independent accountant and the appointment of Boladale Lawal & Co.
Summary
- Freedom Holdings, Inc. has dismissed Olayinka Oyebola & Co (OOC) as their independent accountant, effective April 15, 2025.
- OOC audited the company's financial statements for the two years ended September 30, 2024, and September 30, 2023, and reviewed the financial statements for the three months ended December 31, 2024.
- The audit reports from OOC did not contain any adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
- There were no disagreements with OOC on accounting principles, financial statement disclosure, or auditing scope or procedure.
- Boladale Lawal & Co. (BL&C) was appointed as the new independent accountant/auditor on April 18, 2025.
- The company did not consult BL&C on accounting principles or the type of audit opinion prior to their appointment.
Sentiment
Score: 7
Explanation: The announcement is neutral, detailing a change in auditors without indicating any underlying issues or concerns. The confirmation from the previous auditor adds to the stability of the announcement.
Positives
- The transition of accountants appears to be amicable, with no reported disagreements on accounting principles or auditing procedures.
- Olayinka Oyebola & Co. confirmed their agreement with the statements made by Freedom Holdings regarding their dismissal.
Industry Context
Changes in auditing firms are relatively common, but it's important to ensure a smooth transition and maintain investor confidence in the company's financial reporting.
Stakeholder Impact
- Shareholders should be aware of the change in auditors, but the smooth transition and lack of reported disagreements should minimize concerns.
- Employees in the finance and accounting departments will be working with a new auditing firm.
Key Dates
| Date | Description |
|---|---|
| September 30, 2023 | End of fiscal year audited by OOC |
| September 30, 2024 | End of fiscal year audited by OOC |
| December 31, 2024 | End of three-month period reviewed by OOC |
| March 25, 2025 | Date of OOC's audit report on September 30, 2024, and 2023 financial statements |
| April 15, 2025 | Date of dismissal of Olayinka Oyebola & Co (OOC) |
| April 18, 2025 | Date of appointment of Boladale Lawal & Co. (BL&C) |
| April 23, 2025 | Date of letter from Olayinka Oyebola & Co to SEC |
| April 25, 2025 | Date of report |
Keywords
independent accountant, auditor, Olayinka Oyebola & Co, Boladale Lawal & Co, financial statements, audit, Freedom Holdings
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