Powerfleet dismisses EY as auditor, appoints Deloitte; cites material weaknesses

Powerfleet, Inc.

EY dismissed effective upon filing Form 10-KT for transition period Jan 1-Mar 31, 2024.
No disagreements with EY on accounting matters, but EY reported material weaknesses in internal controls over financial reporting as of Dec 31, 2023 and 2022.
Material weaknesses included controls over standalone selling price, capitalized software, business combination, goodwill, convertible preferred stock, and financial close process.
Deloitte & Touche appointed as new auditor for FY ending Mar 31, 2025, subject to client acceptance procedures.
EY's 2023 audit report contained explanatory paragraph about restatement of 2022 and 2021 financials.

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