Reliance Global Group, Inc. - Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Reliance Global Group, Inc. (RELI) on April 4, 2024. The report addresses a change in the Company's independent registered public accounting firm. The Company is incorporated in Florida and its common stock and warrants trade on The Nasdaq Capital Market.
Financial Metrics
The filing text does not provide specific financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on the change in the certifying accountant.
Material Changes
The primary material change disclosed is the departure of Mazars USA LLP as the Company's independent registered public accounting firm. Mazars will cease acting in this capacity effective with the filing of the Annual Report on Form 10-K for the year ended December 31, 2023. This change is due to Mazars entering into a transaction with FORVIS, LLP, which will rebrand as Forvis Mazars, LLP effective June 1, 2024.
Outlook, Risks, and Management Commentary
- Search for New Auditor: The Company is currently in discussions with several national audit firms and intends to engage a new independent registered public accounting firm in the near future.
- Audit History: Mazars' reports for the fiscal years ended December 31, 2023, and 2022 did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, audit scope, or accounting principles.
- Disagreements: There were no disagreements with Mazars on accounting principles, practices, financial statement disclosure, or auditing scope/procedure during the relevant periods.
- Reportable Events: No "reportable events" as defined in Item 304(a)(1)(v) of Regulation S-K occurred during the fiscal years ended December 31, 2023 and 2022, or through April 4, 2024.
Key Facts for Investor Verification
- Verify the identity and engagement timeline of the new independent registered public accounting firm once announced.
- Review the upcoming Form 10-K for the year ended December 31, 2023, to confirm the transition of audit responsibilities.
- Confirm that the transition to the new auditor does not result in any delays in the filing of future periodic reports.
- Note that the departure of Mazars is driven by a corporate transaction (merger with FORVIS) rather than a dispute over accounting practices.