Business Context and Reporting Period
This Form 6-K filing by Galaxy Payroll Group Limited (the "Company") is dated June 13, 2025, covering the month of June 2025. The report discloses a change in the Company's independent registered public accounting firm.
Key Financial Metrics
The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on corporate governance and auditor changes rather than financial performance data.
Material Changes Versus Prior Period
- Auditor Dismissal: On May 12, 2025, the Board dismissed Marcum Asia CPAs LLP as the independent registered public accounting firm, effective immediately.
- Auditor Appointment: Simultaneously, the Board appointed Guangdong Prouden CPAs GP as the new independent registered public accounting firm, effective May 12, 2025.
- Historical Audit Status: The Former Auditor's reports for fiscal years ended June 30, 2023, and 2024, contained no adverse opinions, disclaimers, or qualifications.
Guidance, Risks, and Contingencies
The filing details significant internal control weaknesses previously reported in the Company's 2024 annual report on Form 20-F, which constitute the primary "reportable events" associated with the auditor change:
- Inadequate segregation of duties for key functions due to limited staff and resources.
- Lack of sufficient financial reporting personnel with appropriate knowledge of U.S. GAAP and SEC reporting requirements.
- Absence of independent directors and an audit committee to establish formal risk assessment processes and internal control frameworks.
- Design deficiencies in critical information technology general controls (ITGC), including logical access, privileged access, IT operations, and cybersecurity.
The Company confirmed there were no disagreements with the Former Auditor regarding accounting principles or auditing scope. No consultations regarding accounting principles or audit opinions were conducted with the New Auditor prior to their appointment.
Investor Verification Checklist
- Verify the status of remediation efforts for the material weaknesses in internal controls disclosed in the 2024 Form 20-F.
- Confirm the qualifications and independence of the new auditor, Guangdong Prouden CPAs GP.
- Review the letter from the Former Auditor (Exhibit 16.1) to ensure they agree with the Company's statements regarding the change.
- Monitor future filings for updates on the hiring of qualified financial reporting personnel and the establishment of an audit committee.