Business Context and Reporting Period
This Form 8-K Current Report was filed by Intelligent Bio Solutions Inc. (INBS) on June 29, 2023. The filing addresses a change in the company's independent registered public accounting firm.
Key Financial Metrics
This filing does not contain revenue, profit, cash flow, margin, debt, or liquidity figures. The document focuses exclusively on auditor transition details.
Material Changes
- Resignation of Auditor: BDO Audit Pty Ltd. ("BDO") resigned as the independent registered public accounting firm effective June 29, 2023.
- Appointment of New Auditor: UHY LLP ("UHY") was appointed as the new independent registered public accounting firm for the fiscal year ending June 30, 2023.
- Audit Opinion History: BDO's reports for fiscal years ended June 30, 2022, and 2021, did not contain adverse opinions or disclaimers. However, the 2022 report included a separate paragraph regarding the company's ability to continue as a going concern.
- Disagreements: There were no disagreements with BDO regarding accounting principles, practices, or auditing scope during the two most recent fiscal years or the interim period through June 29, 2023.
Guidance, Outlook, and Risks
The filing does not provide financial guidance, outlook, or management commentary on future operations. The primary risk disclosed is the historical "going concern" qualification noted in the 2022 audit report by the former auditor. The Audit Committee confirmed that UHY has no commercial relationships that would impair its independence.
Investor Verification Checklist
- Verify the status of the "going concern" qualification noted in the 2022 financial statements.
- Review the letter from BDO Audit Pty Ltd. (Exhibit 16.1) for any additional context on the resignation.
- Confirm the transition timeline for UHY LLP to ensure no gaps in audit coverage for the fiscal year ending June 30, 2023.
- Check subsequent filings for the first financial statements audited by UHY LLP.