8-K: BioCorRx Inc. Changes Independent Auditor from Marcum LLP to M&K CPAS, PLLC

BioCorRx Inc. has replaced its independent auditor, Marcum LLP, with M&K CPAS, PLLC, effective July 8, 2024.

Summary

• BioCorRx Inc. dismissed Marcum LLP as their independent registered public accounting firm on July 8, 2024.
• The company has engaged M&K CPAS, PLLC as their new independent registered public accounting firm for the fiscal year ending December 31, 2024.
• Marcum LLP's reports on the company's financial statements for 2023 and 2022 did not contain any adverse opinions or disclaimers, except for an explanatory paragraph about the company's ability to continue as a going concern.
• There were no disagreements between BioCorRx and Marcum LLP on accounting principles, financial statement disclosure, or auditing scope.
• There were no reportable events during Marcum LLP's engagement.
• BioCorRx did not consult with M&K CPAS, PLLC on accounting principles or the type of audit opinion before engaging them.

Sentiment

Score: 6

Explanation: The change of auditors is a neutral event, but the lack of any reported issues is a positive sign. The going concern note from the previous auditor is a slight concern.

Positives

• The transition of auditors appears to be amicable, with no reported disagreements or issues.
• Marcum LLP confirmed they agree with the statements made by BioCorRx in the 8-K filing.

Risks

• The change in auditors could raise questions from investors, although the company has stated there were no disagreements.
• The going concern note in the previous auditor's reports may still be a concern for investors.

Management Comments

• The Board of Directors approved the dismissal of Marcum LLP and the engagement of M&K CPAS, PLLC.

Industry Context

Changes in auditors are not uncommon, but they can sometimes signal underlying issues or concerns. In this case, the company has stated there were no disagreements, which is a positive sign.

Comparison to Industry Standards

• The change of auditors is a standard practice in the industry, and the process followed by BioCorRx appears to be in line with regulatory requirements.
• Many companies change auditors periodically for various reasons, including cost, expertise, or rotation policies.

Stakeholder Impact

• Shareholders may have questions about the change in auditors, but the company has stated there were no disagreements.
• The change in auditors should not have a direct impact on employees, customers, or suppliers.

Key Dates

Keywords

auditor, accounting, Marcum LLP, M&K CPAS, financial statements, BioCorRx, audit