BRC Group Holdings, Inc. (RILY): auditor change — B. Riley Financial restates financial statements for 2021 and 2020 due to classification errors

BRC Group Holdings, Inc.

On March 15, 2023, management and Audit Committee determined non-reliance on financial statements for years ended Dec 31, 2021 and 2020 and quarterly periods.
Restatement corrects classification of dividend income and realized/unrealized gains on investments from revenue to other income.
The error had no impact on previously issued consolidated balance sheets, net income, or earnings per share.
Restated financials will be included in the 2022 Annual Report on Form 10-K; no amendments to prior reports will be filed.
The Company discussed the matter with Marcum LLP, its independent registered public accounting firm.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

BRC Group Holdings, Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

management and the Audit Committee of the Board of Directors of B. Riley Financial, Inc. (the “Company”) determined that the Company’s previously issued financial statements in its Annual Reports on Form 10-K for the years ended December 31, 2021 and 2020, as well as the previously filed Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2022 and 2021, June 30, 2022 and 2021 and September 30, 2022 and 2021 (collectively, the “Specified Financial Statements”), should no longer be relied upon due to errors in such financial statements, and therefore a restatement of these Specified Financial Statements is required

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Source: SEC EDGAR

accession 0001213900-23-020405

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