8-K/A: Yubo International Biotech Changes Accounting Firms Following Retirement
Current Report Amendment
Yubo International Biotech replaces its independent registered public accounting firm due to the retirement of Michael T. Studer, engaging HHL LLP as the new auditor.
Summary
- Yubo International Biotech Limited filed an amendment to its previous report to correct the name of the new independent registered public accountant.
- Michael T. Studer CPA P.C. (MTS CPA) was dismissed as the company's independent registered public accounting firm on December 26, 2024, due to Mr. Studer's retirement, effective January 2, 2025.
- The dismissal was approved by the company's board of directors.
- The audit reports from MTS CPA for the years ended December 31, 2023 and 2022 did not contain any adverse opinions, disclaimers, qualifications, or modifications regarding uncertainty, audit scope, or accounting principles, except for an explanatory paragraph about the company's ability to continue as a going concern.
- There were no disagreements with MTS CPA on accounting principles, financial statement disclosure, or auditing scope or procedure during the relevant periods.
- HHL LLP (HHL) was engaged as the new independent registered public accountant on December 30, 2024, effective January 2, 2025, and this engagement was also approved by the Board.
- The company did not consult with HHL regarding accounting principles or the type of audit opinion during the specified periods.
- A letter from MTS CPA agreeing with the company's statements has been filed as an exhibit to the report.
Sentiment
Score: 7
Explanation: The announcement is neutral to slightly positive. The auditor change is due to retirement, and there are no reported disagreements. This suggests a stable financial reporting environment.
Positives
- The transition to a new auditor appears to be smooth, with no reported disagreements or reportable events with the previous auditor.
- The previous auditor's reports did not contain any adverse opinions or disclaimers, suggesting a clean audit history.
Future Outlook
The company will be audited by HHL LLP going forward.
Industry Context
Changes in auditors are relatively common, especially with smaller firms. The key is whether the change is due to disagreements or other issues, which does not appear to be the case here.
Stakeholder Impact
- The change in auditors should have minimal impact on stakeholders, as it appears to be a routine administrative matter.
Key Dates
| Date | Description |
|---|---|
| December 26, 2024 | Yubo International Biotech dismissed Michael T. Studer CPA P.C. as its independent registered public accounting firm. |
| December 30, 2024 | Yubo International Biotech engaged HHL LLP as its new independent registered public accountant. |
| January 2, 2025 | Dismissal of Michael T. Studer CPA P.C. and engagement of HHL LLP became effective. |
| January 6, 2025 | Date of the Original Report filed with the SEC. |
| January 6, 2025 | Date of the letter from Michael T. Studer CPA P.C. |
| January 10, 2025 | Date of the Amendment No. 1 filing. |
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