Universal Security Instruments Inc. Reports Change in Audit Firm Amidst Internal Control Weaknesses

Reuters
Jun 07
Universal Security Instruments Inc. Reports Change in Audit Firm Amidst Internal Control Weaknesses

Universal Security Instruments Inc. recently announced a change in its certifying accountants following the acquisition of Marcum LLP's attest business by CBIZ CPAs P.C. As of June 2, 2025, Marcum resigned as the company's audit firm, with CBIZ stepping in as the new independent registered public accounting firm. The transition was approved by the company's Audit Committee. Notably, the audit reports by Marcum for the past two fiscal years did not contain any adverse opinions or modifications. However, material weaknesses in the company's internal controls over financial reporting were identified, particularly in management review controls concerning financial statement classification, income tax accounting, and documentation supporting general ledger entries. These issues, reported as of March 31, 2024, highlight areas for improvement in the company's financial oversight.

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. Universal Security Instruments Inc. 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: 0001104659-25-057416), on June 06, 2025, and is solely responsible for the information contained therein.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10