Business Context and Reporting Period
Company: Air Industries Group, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: December 3, 2007
Principal Event: Change in Registrant's Certifying Accountant.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document is strictly a disclosure regarding the resignation of the former auditor and the appointment of a new one.
Material Changes
- Resignation: Goldstein Golub Kessler LLP (GGK) resigned as the Company's independent registered public accounting firm.
- Reason for Resignation: The partners of GGK became partners of McGladrey & Pullen, LLP in a limited asset purchase agreement.
- Appointment: McGladrey & Pullen, LLP was appointed as the new independent registered public accounting firm.
- Audit History: The audit reports issued by GGK for the years ended December 31, 2006, and 2005 were unqualified and did not contain adverse opinions, disclaimers, or modifications regarding uncertainty, scope, or accounting principles.
Management Commentary, Risks, and Contingencies
- Approval: The decision to engage McGladrey & Pullen, LLP was approved by the Audit Committee of the Board of Directors.
- Consultations: The Company did not consult with McGladrey & Pullen, LLP on accounting principles, audit opinions, or disagreements during the two most recent fiscal years or through the date of the report.
- Disagreements: There were no disagreements between the Company and GGK regarding accounting principles, financial statement disclosures, or auditing scope/procedures for the fiscal years ended December 31, 2006, and 2005.
- Reportable Events: No reportable events occurred within the meaning of Item 304(a)(1)(v) of Regulation S-K during the relevant periods.
Important Facts for Investor Verification
- Verify the transition timeline between GGK and McGladrey & Pullen, LLP to ensure continuity of audit oversight.
- Review the letter from GGK (Exhibit 16.2) to confirm their agreement with the Company's statements regarding the lack of disagreements.
- Monitor future filings for the first audit report issued by McGladrey & Pullen, LLP to assess any changes in audit scope or findings.