8-K: Video River Networks Appoints New Independent Auditor, Replacing DylanFloyd Accounting

Video River Networks has replaced its independent auditor, DylanFloyd Accounting & Consulting, with OLAYINKA OYEBOLA & CO., effective June 20, 2024.

Summary

• Video River Networks, Inc. has changed its independent registered public accounting firm.
• The Board of Directors approved the disengagement of DylanFloyd Accounting & Consulting on June 20, 2024.
• The Board also approved the engagement of OLAYINKA OYEBOLA & CO. as the new auditor on the same day.
• OLAYINKA OYEBOLA & CO. will be responsible for audits starting with the year ending December 31, 2024, and reviews of quarterly reports starting with the quarter ending June 30, 2024.
• The change became effective after OLAYINKA OYEBOLA & CO. completed its client acceptance process and signed the engagement letter.

Sentiment

Score: 7

Explanation: The document reflects a routine change in auditors, which is a normal business practice. There are no indications of negative or positive sentiment, making it a neutral event.

Management Comments

• The Board of Directors approved the change in auditors.

Industry Context

Changes in auditors are a normal part of corporate governance and financial reporting. Companies may change auditors for various reasons, including cost, expertise, or rotation policies.

Comparison to Industry Standards

• The change of auditors is a common practice in the industry and is not unusual.
• Many companies change auditors periodically to ensure independence and fresh perspectives on financial reporting.
• The engagement of OLAYINKA OYEBOLA & CO. is a standard process, and the firm will be expected to conduct audits and reviews in accordance with generally accepted accounting principles.

Stakeholder Impact

• Shareholders will be informed of the change in auditors.
• The change is not expected to have a significant impact on the company's operations or financial reporting.

Next Steps

• OLAYINKA OYEBOLA & CO. will begin auditing the company's financials for the year ending December 31, 2024.
• OLAYINKA OYEBOLA & CO. will review the company's quarterly reports starting with the quarter ending June 30, 2024.

Key Dates

Keywords

independent auditor, accounting firm, audit, financial reporting, OLAYINKA OYEBOLA & CO., DylanFloyd Accounting & Consulting