Business Context and Reporting Period
Company: Coffee Holding Co., Inc. (JVA)
Filing Type: Form 8-K (Current Report)
Date of Report: February 14, 2022
Reporting Period: Immediate event regarding change in auditors effective February 14, 2022.
Key Financial Metrics
This filing is a current report regarding a corporate governance event and does not contain financial performance data. The text does not provide values for revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes
- Change in Certifying Accountants: The Audit Committee dismissed EisnerAmper LLP effective immediately and engaged Marcum LLP as the new independent registered public accounting firm for the fiscal year ended October 31, 2022.
- Reason for Change: The filing explicitly states the change is not the result of any disagreement with EisnerAmper LLP regarding accounting principles, practices, or audit scope.
- Reportable Events: The only reportable event noted was EisnerAmper's concurrence with the Company's assessment of material weaknesses in internal controls over financial reporting, previously disclosed in 10-Q and 10-K filings.
Guidance, Outlook, and Risks
- Management Commentary: Management asserts that despite the material weaknesses in internal controls, the consolidated financial statements for fiscal years 2020 and 2021 present fairly the Company's financial condition in conformity with U.S. GAAP.
- Risks and Contingencies: The filing highlights existing material weaknesses in internal controls over financial reporting. A remediation plan was developed and detailed in the Annual Report on Form 10-K for the year ended October 31, 2021.
- Consultations: No consultations occurred with the new auditor (Marcum LLP) regarding accounting principles or reportable events prior to their engagement.
Investor Verification Checklist
- Verify the status of the remediation plan for material weaknesses in internal controls over financial reporting.
- Review the letter from EisnerAmper LLP (Exhibit 16.1) to confirm their agreement with the statements made in this filing.
- Monitor future filings for the engagement letter and initial audit scope from Marcum LLP.
- Confirm that no undisclosed disagreements exist between the Company and the former auditor regarding financial reporting.