Chicago Rivet & Machine dismisses Crowe, hires Cherry Bekaert; going concern and material weakness cited

CHICAGO RIVET & MACHINE CO

Dismissed Crowe LLP effective May 27, 2025; engaged Cherry Bekaert as auditor for FY2025.
Crowe's 2024 report included a going-concern paragraph due to declining revenues, operating losses, negative cash flows.
Material weaknesses: income tax (remediated June 2024) and inventory valuation (not yet remediated).
No disagreements with Crowe; Crowe agreed with disclosures via Exhibit 16.1 letter.
Company had no prior consultations with Cherry Bekaert on accounting or audit matters.

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