STANDARD PREMIUM FINANCE HOLDINGS, INC. (SPFX): auditor change — Standard Premium Finance restates 2021 cash flows, hires new auditor

STANDARD PREMIUM FINANCE HOLDINGS, INC.

Audit committee concluded 2021 financials were unreliable due to cash flow classification error.
Engaged Assurance Dimensions to audit restated consolidated statement of cash flows for 2021.
Error: reclassified Increase/Decrease in Premium Finance Contracts Receivable from operating to investing activities.
Restatement is non-cash and does not affect revenue, expenses, or EPS.
Amended Form 10-K for FY2021 to be filed with SEC.

item 4.01 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

STANDARD PREMIUM FINANCE HOLDINGS, INC. engaged Assurance Dimensions, Inc. as its auditor.

Action: engagement
Auditor: Assurance Dimensions, Inc.

Exact text from the filing

On November 14, 2022, the Audit Committee of the Board of Directors of Standard Premium Finance Holdings, Inc. (the “Company”) engaged Assurance Dimensions, Inc. to serve as the Company’s independent registered public accounting firm to audit the restated consolidated statement of cash flows for the year ended December 31, 2021 of the Company

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

STANDARD PREMIUM FINANCE HOLDINGS, INC. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

On November 14, 2022, the Audit Committee of the Board of Directors of Standard Premium Finance Holdings, Inc. (the “Company”), after consultation with management and discussions with its reviewing independent registered public accounting firm for its Form 10-Q for the fiscal quarter ended September 30, 2022, concluded that the Company’s previously issued financial statements for the year ended December 31, 2021 (the “Relevant Period”) should be restated and should no longer be relied upon.

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Source: SEC EDGAR

accession 0001553350-22-000910

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