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.
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