Commonwealth Income & Growth Fund VII, LP: auditor change — Commonwealth Income & Growth Fund VII restates FY2022/Q3 2023 financials; errors in notes payable & revenue

Commonwealth Income & Growth Fund VII, LP

General Partner, in consultation with auditor Morison Cogen, concluded on Nov 15, 2023 that previously issued Q3 2023 interim statements should no longer be relied upon.
Restatement required for fiscal 2022 10-Qs and 10-K due to errors in notes payable and revenue recognition within associated private entities.
The errors relate to an increase in notes payable and additional revenue within associated private entities in which the partnership is invested.
Company is in the process of restating its financial statements; no restated figures provided yet.

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

Commonwealth Income & Growth Fund VII, LP reported that prior financial statements should not be relied upon.

Action: non reliance
Auditor: MORISON COGEN, LLP

Exact text from the filing

On November 15, 2023, the General Partner of Commonwealth Income & Growth Fund VII, LP, (the “Partnership”), in consultation with management and MORISON COGEN, LLP, the Partnership's independent registered public accounting firm, concluded that the Partnership’s previously issued interim financial statements contained within the quarterly Report on Form 10-Q for the quarter ended (Q3), should no longer be relied upon due to errors in such financial statements, and therefore a restatement of these prior financial statements is required.

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Source: SEC EDGAR

accession 0001654954-23-014846

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