Business Context and Reporting Period
Company: Universal Safety Products, Inc. (formerly Universal Security Instruments, Inc.)
Filing Type: Form 8-K (Current Report)
Date of Report: June 2, 2025
Reporting Period: The filing addresses events occurring on June 2, 2025, regarding a change in the 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 an informational report regarding the resignation of the former auditor and the engagement of a new one.
Material Changes
Change in Certifying Accountant:
- Resignation: Marcum LLP resigned as the independent registered public accounting firm on June 2, 2025.
- Reason: The resignation resulted from the acquisition of Marcum's attest business by CBIZ CPAs P.C. on November 1, 2024.
- Engagement: CBIZ CPAs P.C. was engaged as the new independent registered public accounting firm effective June 2, 2025, with the approval of the Audit Committee.
Management Commentary, Risks, and Contingencies
Audit Opinions and Disagreements:
- Marcum's audit reports for the fiscal years ended March 31, 2024, and March 31, 2025, did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, scope, or accounting principles.
- There were no disagreements with Marcum on accounting principles, financial statement disclosure, or auditing scope during the relevant periods.
Material Weaknesses in Internal Controls:
The filing discloses previously reported material weaknesses in internal controls over financial reporting as of March 31, 2024, which remain relevant context:
- Management review controls over the classification and disclosure of amounts within financial statements (fiscal years 2023 and 2024).
- Management review controls over the classification and accounting for income taxes (fiscal years 2023 and 2024).
- Management review and control over documentation supporting entries posted to the general ledger (fiscal year 2024).
Consultations with New Auditor:
Neither the Company nor anyone acting on its behalf consulted with CBIZ regarding matters set forth in Item 304(a)(2)(i) and (ii) of Regulation S-K during the fiscal years ended March 31, 2024 and 2025, or the interim period through June 2, 2025.
Investor Verification Checklist
- Verify the transition timeline and scope of work between Marcum LLP and CBIZ CPAs P.C.
- Review the status of remediation efforts for the disclosed material weaknesses in internal controls over financial reporting.
- Confirm the content of the letter from Marcum LLP (Exhibit 16.1) to ensure no disagreement with the Company's statements regarding the resignation.
- Monitor future filings for the first audit report issued by CBIZ to assess any new findings regarding the previously identified control weaknesses.