8-K: Paysign Announces Auditor Change Following Moss Adams Merger with Baker Tilly
Auditor Change
Paysign, Inc. has announced a change in its independent registered public accounting firm from Moss Adams LLP to Baker Tilly US, LLP, effective June 3, 2025, due to a merger between the two accounting firms.
Summary
- Paysign, Inc. (PAYS) reported a change in its independent registered public accounting firm.
- Moss Adams LLP, Paysign's previous auditor, merged with Baker Tilly US, LLP, effective June 3, 2025.
- As a result of the merger, Moss Adams LLP resigned, and Paysign's Audit Committee approved the appointment of Baker Tilly US, LLP as the successor auditor.
- Moss Adams' audit reports for the years ended December 31, 2024, and 2023, did not contain any adverse opinions, disclaimers, qualifications, or modifications.
- There were no disagreements with Moss Adams on accounting principles, financial statement disclosure, or auditing scope or procedure during the years ended December 31, 2024, and 2023, or the subsequent interim period through June 3, 2025.
- No reportable events requiring disclosure pursuant to Item 304(a)(1)(v) of Regulation S-K occurred during the specified periods.
- Paysign did not consult with Baker Tilly regarding accounting principles, audit opinions, disagreements, or reportable events prior to their appointment.
- Moss Adams LLP provided a letter to the SEC, dated June 5, 2025, confirming their agreement with the statements made by Paysign in the Form 8-K.
Sentiment
Score: 5
Explanation: The document reports a routine administrative change in the company's auditor due to a merger, with no negative implications, disagreements, or adverse findings noted. This indicates a neutral impact on the company's operational or financial standing.
Positives
- The change in auditor is a result of a merger between accounting firms, not due to any disagreements or issues with Paysign's financial reporting or auditing practices.
- Moss Adams LLP's audit reports for 2023 and 2024 were clean, with no adverse opinions, disclaimers, or qualifications, indicating sound past financial reporting.
- There were no disagreements on accounting principles or practices, financial statement disclosure, or auditing scope or procedure with the former auditor, Moss Adams LLP.
Future Outlook
The document does not contain any forward-looking statements or guidance regarding Paysign's future financial performance or strategic outlook.
Management Comments
- Mark Newcomer, Chief Executive Officer, signed the report on behalf of Paysign, Inc.
Industry Context
The change in Paysign's independent registered public accounting firm is a direct consequence of a merger between two prominent accounting firms, Moss Adams LLP and Baker Tilly US, LLP. Such consolidations are common in the professional services industry and often lead to administrative changes for client companies, rather than indicating issues with the client's financial health or practices.
Corporate Governance
| Change Type | Description | Effective Date | Impact Assessment |
|---|---|---|---|
| Auditor Appointment | The Audit Committee of the Board of Directors approved the appointment of Baker Tilly US, LLP as the successor independent registered public accounting firm. | 2025-06-03 | Ensures continuity of independent financial oversight and compliance with regulatory requirements following the merger of the previous auditing firm. |
Stakeholder Impact
- Shareholders: Minimal direct impact as the change is administrative and not indicative of financial issues. Ensures continued independent oversight of financial statements.
- Employees: No direct impact mentioned.
- Customers: No direct impact mentioned.
- Suppliers: No direct impact mentioned.
- Creditors: No direct impact mentioned.
Key Dates
| Date | Description |
|---|---|
| 2023-12-31 | End of fiscal year for which Moss Adams LLP provided an audit report. |
| 2024-12-31 | End of fiscal year for which Moss Adams LLP provided an audit report. |
| 2025-06-03 | Effective date of the merger between Moss Adams LLP and Baker Tilly US, LLP, and the effective date of the change in Paysign's certifying accountant. |
| 2025-06-05 | Date of the Current Report on Form 8-K filing and the date of the letter from Moss Adams LLP to the SEC. |
Keywords
Paysign, auditor change, Baker Tilly, Moss Adams, SEC filing, 8-K, accounting firm, financial reporting, corporate governance
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