8-K: Mobiquity Technologies Changes Accounting Firms as Assurance Dimensions Exits Public Company Audits

Mobiquity Technologies has replaced its independent registered public accounting firm, Assurance Dimensions, with Stephano Slack LLC, effective April 25, 2025, following Assurance Dimensions' decision to exit the public company audit sector.

Summary

• Mobiquity Technologies, Inc. announced the resignation of Assurance Dimensions, LLC as their independent registered public accounting firm on April 25, 2025.
• Assurance Dimensions exited providing audit services to publicly traded companies.
• Their reports on Mobiquity's financial statements for the fiscal years ending December 31, 2023 and 2024 did not contain any adverse opinions, disclaimers, qualifications, or modifications.
• There were no disagreements between Mobiquity and Assurance Dimensions regarding accounting principles, practices, financial statement disclosure, or auditing scope.
• Mobiquity Technologies engaged Stephano Slack LLC as their new independent registered public accounting firm, also effective April 25, 2025, for the fiscal year ending December 31, 2025.
• Mobiquity did not consult with Stephano Slack on accounting principles, audit opinions, or any matters that were the subject of disagreement or reportable events prior to their engagement.

Sentiment

Score: 7

Explanation: The announcement is neutral to slightly positive. The change in auditors appears orderly, with no reported disagreements or concerns. The sentiment is based on the smooth transition and lack of negative indicators.

Positives

• Assurance Dimensions' audit reports for the past two fiscal years did not contain any adverse opinions or disclaimers, suggesting sound financial reporting practices.
• The transition to a new auditor, Stephano Slack LLC, was executed without any reported disagreements or concerns regarding accounting principles or auditing scope.

Negatives

• Assurance Dimensions' resignation may require additional administrative effort for Mobiquity Technologies during the transition period.
• The change in auditors could potentially raise questions from investors until Stephano Slack establishes a track record with Mobiquity.

Risks

• The transition to a new auditor could present unforeseen challenges in ensuring the continuity and accuracy of financial reporting.
• There is a potential risk of increased audit fees associated with engaging a new accounting firm.

Future Outlook

The company will be audited by Stephano Slack LLC for the fiscal year ending December 31, 2025.

Industry Context

Accounting firm changes are not uncommon, especially when firms decide to narrow their focus or exit certain market segments. Companies routinely evaluate their audit partners to ensure they receive the best service and expertise.

Comparison to Industry Standards

• The Big Four accounting firms (Deloitte, Ernst & Young, KPMG, and PricewaterhouseCoopers) typically audit the largest public companies.
• Mid-size firms like Stephano Slack often serve smaller public companies and offer specialized expertise.
• The transition process described in the document aligns with standard practices for changing auditors, including communication and agreement on past financial statements.

Stakeholder Impact

• Shareholders may want to monitor the transition to the new auditor to ensure continued financial transparency.
• Employees in the finance department will likely be involved in the transition process.
• The change in auditors is unlikely to have a direct impact on customers or suppliers.

Next Steps

• Stephano Slack LLC will conduct the audit for the fiscal year ending December 31, 2025.
• Mobiquity Technologies will work with Stephano Slack to ensure a smooth transition and maintain compliance with reporting requirements.

Key Dates

Keywords

auditor, accounting firm, Assurance Dimensions, Stephano Slack, resignation, engagement, financial statements, audit