01—Abstract
Summary
Summary of the 8-K filed July 19, 2010. Cited figures are marked; the original filing is the authoritative source.
Byrn, Inc. (BRRN) has announced a change in its independent registered public accounting firm, replacing Seale and Beers, CPAs with RR Hawkins & Associates International, PSC.
This change was effective on July 14, 2010, following a decision by the Company's Board of Directors. Importantly, the filing indicates that there were no disagreements between Byrn, Inc. and its former accountants, Seale and Beers, CPAs, on any significant accounting or auditing matters. Seale and Beers has also confirmed their agreement with the disclosures made in this filing.
While the previous auditor's reports for the fiscal years ended April 30, 2009 and 2008 did not contain adverse opinions, they did include a "going concern" paragraph, suggesting potential doubts about the company's ability to continue as a going concern. Investors should monitor future filings for clarity on the company's financial stability.
02—Key points
Key Highlights
- Byrn, Inc. has appointed RR Hawkins & Associates International, PSC as its new independent registered public accounting firm, effective July 14, 2010.
- The previous auditor, Seale and Beers, CPAs, has been dismissed.
- No disagreements on accounting principles, financial statement disclosure, or auditing scope/procedure occurred between the company and Seale and Beers.
- Seale and Beers, CPAs has not reported any "reportable events" to the company.
- The auditor's reports for the fiscal years ending April 30, 2009 and 2008 did not contain adverse or qualified opinions.
- A "going concern" paragraph was included in the past two auditor reports, indicating potential financial sustainability concerns.
- Byrn, Inc. did not consult with the new auditor, RR Hawkins, regarding past accounting or auditing matters prior to their engagement.
03—Questions
Frequently Asked Questions
Why did Byrn, Inc. change its independent accounting firm?
The company's Board of Directors decided to replace Seale and Beers, CPAs with RR Hawkins & Associates International, PSC. The filing does not specify a reason beyond this directorial decision.
Were there any disagreements with the previous auditor that led to this change?
No, the filing explicitly states there were no disagreements with Seale and Beers, CPAs on any matter of accounting principles, financial statement disclosure, or auditing scope or procedure.
What is a "going concern" paragraph and why is it relevant?
A "going concern" paragraph in an auditor's report indicates that the auditors have substantial doubts about the company's ability to continue operating for the next twelve months. This is a significant signal to investors about potential financial instability.
Did the new auditor provide any advice before being engaged?
No, Byrn, Inc. did not consult with RR Hawkins & Associates International, PSC regarding past accounting or auditing issues prior to their engagement as the new certifying accountants.
04—Continue