8-K: IMAC Holdings Appoints Marcum, LLP as New Independent Auditor

IMAC Holdings, Inc. has engaged Marcum, LLP as its new independent registered public accounting firm, effective July 27, 2024.

Summary

• IMAC Holdings, Inc. has appointed Marcum, LLP as their new independent registered public accounting firm.
• The engagement of Marcum, LLP was effective as of July 27, 2024.
• During the two most recent fiscal years and the subsequent interim period, IMAC Holdings did not consult with Marcum on accounting principles or auditing matters.
• There were no disagreements or reportable events related to accounting principles, financial statement disclosure, or auditing scope with Marcum.

Sentiment

Score: 7

Explanation: The document reports a routine change of auditor, which is a neutral event. The lack of prior issues with the new auditor is a positive sign, but the change itself does not indicate a significant positive or negative sentiment.

Positives

• The appointment of a new independent auditor is a standard corporate governance practice.
• The lack of prior disagreements or reportable events with Marcum suggests a smooth transition.

Risks

• The change in auditors could potentially lead to increased scrutiny of financial statements.
• There is a risk of potential delays or complications during the transition to the new auditor.

Management Comments

• Faith Zaslavsky, Chief Executive Officer, signed the report on behalf of IMAC Holdings, Inc.

Industry Context

The appointment of a new auditor is a routine event for publicly traded companies and is part of standard corporate governance practices. It is not unusual for companies to change auditors periodically.

Comparison to Industry Standards

• The engagement of a new auditor is a common practice among publicly traded companies.
• Many companies, such as those listed on the Nasdaq Capital Market, regularly change auditors to ensure independence and objectivity.
• The process described in the document aligns with standard procedures for auditor changes, similar to those seen in other companies in the healthcare sector.

Stakeholder Impact

• Shareholders may view the change of auditor as a standard corporate governance practice.
• The change should not have a significant impact on employees, customers, or suppliers.

Key Dates

Keywords

independent auditor, Marcum LLP, accounting firm, financial statements, auditing, IMAC Holdings