Vestand Inc. (VSTD): auditor change — Vestand restates financials for 2021-2025; fictitious liabilities of ~$700k identified

Vestand Inc.

Board non-reliance on all financial statements from 2021 through Q2 2025, including audited annuals and unaudited quarters.
Independent accountant Oh & Chung found fictitious/improper liabilities ~$700k, intercompany loan irregularities, and unauthorized securities.
Company preparing restatements; assessing legal action and clawback of executive incentive compensation.
Material weaknesses in internal controls disclosed; new CFO Jaeho Yoon and CCO Andrew Yun appointed.
Company will appoint a new independent audit firm.

item 4.02 item 9.01

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

Vestand Inc. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

ompany is preparing restatements of the Previously Issued Financial Statements to be included in amended Reports to be filed with the SEC. To assist with the Board’s investigation into possible inaccurate disclosures, inconsistent record-keeping, and other actions (the “Investigation”) of the Company’s past executive management, the Board engaged Oh & Chung to conduct a review of certain financial disbursements, intercompany balances, and related journal entries. On October 21, 2025, Oh & Chung issued the Independent Accountant’s Report which identified inconsistencies, missing information and documentation, and other inaccuracies in the Company’s Previously Issued Financial Statements (the “Inaccuracies”). The Audit Committee reviewed the Independent Accountant’s Report and identified the following five key areas for a fact-finding review: 1. Loans to and from intercompany entities; 2.

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19 auditor changes filed in the last 30 days. Browse all auditor changes →

Vestand Inc. filing history →

Source: SEC EDGAR

accession 0001493152-25-020411

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