other material
confidence high
sentiment negative
materiality 0.55
SMG Industries Inc.: auditor change — SMG Industries dismisses MaloneBailey as auditor, engages Schneider Downs
SMG Industries Inc.
- Dismissed MaloneBailey effective Aug 29, 2023; engaged Schneider Downs for FY 2023.
- MaloneBailey's reports for 2022 and 2021 included going-concern doubt about SMG's ability to continue.
- No disagreements on accounting principles, but material weaknesses cited: lack of separation of duties and lack of formal review process.
- Board approved the change; no prior consultations with Schneider Downs.