Tungray Technologies Inc. recently announced a change in its auditor, dismissing Marcum Asia CPAs LLP and appointing Guangdong Prouden CPAs GP as its new independent registered public accounting firm, effective June 9, 2025. The decision, approved by the audit committee of the board of directors, was not due to any disagreements with Marcum Asia on accounting principles, financial statement disclosures, or auditing procedures. During Marcum Asia's tenure, the audit reports for 2023 and 2024 were unqualified. The company cited no consultations with Prouden regarding specific accounting applications or audit opinions prior to the change. This transition marks a strategic move by Tungray Technologies to address material weaknesses in their internal controls, including issues related to complex U.S. GAAP technical accounting, IT general controls, and lack of accounting staff knowledgeable in income tax compliance.
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