Business Context and Reporting Period
This Form 8-K is a current report filed by Gencor Industries, Inc. on February 13, 2025. The filing addresses a significant corporate governance event: the dismissal of the company's independent registered public accounting firm and the subsequent engagement of a new firm.
Financial Metrics
This filing does not contain revenue, profit, cash flow, margin, debt, or liquidity figures. It is a disclosure of a change in auditors rather than a financial performance report.
Material Changes
- Dismissal of Auditor: On February 13, 2025, the Board of Directors dismissed Forvis Mazars, LLP as the independent registered public accounting firm, effective immediately.
- Engagement of New Auditor: The Board approved the appointment of Berkowitz Pollack Brant Advisors + CPAs (BPB) as the new independent registered public accounting firm, effective February 20, 2025.
- Audit Status: The audit for the fiscal year ended September 30, 2024, remains incomplete. Forvis Mazars did not issue any reports on the consolidated financial statements or internal controls during their engagement.
Outlook, Risks, and Contingencies
Internal Control Weaknesses: During the ongoing audit for the year ended September 30, 2024, management identified material weaknesses in internal control over financial reporting. These were previously disclosed in the NT 10-K filed on December 17, 2024. The weaknesses include:
- Information technology general controls.
- Controls over key third-party service provider System and Organizational reports.
- Controls over the period-end close process.
- Monitoring of the internal control framework.
Disagreements: The company reported no disagreements with Forvis Mazars regarding accounting principles, practices, or auditing scope. No "reportable events" occurred other than the identified material weaknesses.
Key Facts for Investor Verification
- Verify the status of the fiscal year 2024 audit completion with the new auditor, BPB.
- Review the NT 10-K filed on December 17, 2024, for detailed descriptions of the material weaknesses in internal controls.
- Confirm the timeline for the issuance of the 2024 consolidated financial statements.
- Monitor for any future disclosures regarding the remediation of the identified internal control deficiencies.