Commonwealth Income & Growth Fund VII, LP: auditor change — Commonwealth Income & Growth Fund VII restates FY 2022 financials; losses overstated by $54K

Commonwealth Income & Growth Fund VII, LP

On Nov 27, 2023, General Partner concluded prior Q3 and Q4 2022 financials cannot be relied upon due to errors.
Failed to record $91,597 lease payable and related lease revenue on inventory control system purchased Dec 2021.
Estimated FY 2022 losses overstated by $54,000 due to omitted lease liability and revenue.
Partnership is restating its 10-Qs and 10-K for fiscal 2022; revised indirect lease acquisition process implemented.

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

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 0001654954-23-015163

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