8-K: Goldenwell Biotech Changes Accounting Firms, Dismisses Michael Gillespie & Associates, Appoints KCCW Accountancy Corp.

Goldenwell Biotech dismisses Michael Gillespie & Associates as their independent auditor and appoints KCCW Accountancy Corp. effective January 23, 2025.

Summary

• Goldenwell Biotech, Inc. dismissed Michael Gillespie & Associates, PLLC as their independent registered public accounting firm on January 23, 2025.
• The decision was recommended and approved by the Company's Board of Directors.
• Michael Gillespie & Associates served as the Company's auditor from November 14, 2024, until January 23, 2025, and reviewed the financial statements in one Quarterly Report on Form 10-Q for the quarter ended September 30, 2024.
• Michael Gillespie & Associates did not provide any reports regarding the Company's financial statements as of December 31, 2024 and 2023.
• During their engagement, there were no disagreements between the Company and Michael Gillespie & Associates on accounting principles, financial statement disclosure, or auditing scope or procedure.
• The Company has engaged KCCW Accountancy Corp. as their new independent registered public accounting firm, effective January 23, 2025.
• The Company did not consult with KCCW regarding accounting principles or audit opinions during the two most recent fiscal years and the interim period preceding the engagement of Michael Gillespie & Associates.

Sentiment

Score: 7

Explanation: The sentiment is neutral. The announcement is a routine change of auditors with no indication of any underlying problems. The transition appears smooth and amicable.

Positives

• The transition to a new accounting firm appears to be amicable, with no reported disagreements between Goldenwell Biotech and the previous auditor, Michael Gillespie & Associates.
• Michael Gillespie & Associates agreed with the statements made by Goldenwell Biotech, Inc. in the Form 8-K.

Risks

• Changing auditors can sometimes signal underlying issues, although no specific issues are mentioned in this report.
• The short tenure of Michael Gillespie & Associates as the auditor (November 14, 2024 to January 23, 2025) could raise questions.

Future Outlook

The document does not contain any specific forward-looking statements or guidance.

Industry Context

Changes in auditors are relatively common, but it's important to monitor if there are any underlying issues that led to the change. It is not uncommon for smaller companies to change auditors.

Stakeholder Impact

• Shareholders may want to monitor the reason for the auditor change, although no specific concerns are raised in the report.
• The change in auditor should not have a significant impact on employees, customers, suppliers, or creditors.

Key Dates

Keywords

auditor, accounting firm, KCCW Accountancy Corp., Michael Gillespie & Associates, Goldenwell Biotech, change of auditor