Tel Instrument Electronics Corp. Announces Change in Certifying Accountants Amid Internal Control Weaknesses

Reuters
04-30
Tel Instrument Electronics Corp. Announces Change in Certifying Accountants Amid Internal Control Weaknesses

Tel Instrument Electronics Corporation has announced a change in its certifying accountant following the resignation of Marcum LLP as the company's independent registered public accounting firm. This change comes after Marcum's attest business was acquired by CBIZ CPAs P.C. on November 1, 2024. The company's Audit Committee has approved the engagement of CBIZ CPAs P.C. as the new independent registered accounting firm. During the last two fiscal years ending March 31, 2024, and March 31, 2023, there were no adverse opinions or disagreements in Marcum's reports. However, the company identified material weaknesses in internal controls, particularly in the design and implementation of controls over inventory valuation estimates. These issues were disclosed in the company's Form 10-Ks for the fiscal year ending March 31, 2024.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Tel Instrument Electronics Corporation published the original content used to generate this news brief via EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system operated by the U.S. Securities and Exchange Commission (Ref. ID: 0001185185-25-000357), on April 29, 2025, and is solely responsible for the information contained therein.

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