Pheton Holdings Ltd. recently disclosed that its former independent registered public accounting firm, Marcum Asia CPAs LLP, identified several material weaknesses in the company's internal controls during audits for the fiscal years ended December 31, 2024, 2023, and 2022. These weaknesses include a lack of sufficient in-house accounting personnel knowledgeable in U.S. GAAP and SEC rules, absence of formal risk assessment and internal control policies, and deficiencies in information technology general controls such as system access, backup management, and cybersecurity. The company stated it is implementing measures to address these issues.
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