other material
confidence high
sentiment negative
materiality 0.80
Appsoft Technologies, Inc. (ASFT): auditor change — AppSoft Technologies restates 2021 audited financials; errors in payables, invoices, promissory note advances
Appsoft Technologies, Inc.
- Failed to record accounts payable, invoices for services, and advances under draw-down promissory note, causing material misstatements.
- Errors require changes to expenses and liabilities on balance sheet and statement of operations for year ended Dec 31, 2021.
- Board determined errors were not fraud but omissions; single employee handles all accounting functions.
- Company restating audited financials, MD&A, and evaluation of disclosure controls and procedures.
- Material weakness in internal control over financial reporting; disclosure controls not effective as of Dec 31, 2021.