Business Context and Reporting Period
This Form 8-K Current Report was filed by Greenpro Capital Corp. (f/k/a Greenpro Inc.) on January 19, 2016. The report discloses a change in the company's certifying accountant, specifically the dismissal of the previous independent auditor and the engagement of a new firm.
Key Financial Metrics
The filing text does not provide specific financial metrics such as revenue, profit, cash flow, margins, debt, or liquidity for the current period. The document focuses exclusively on corporate governance regarding the audit firm.
Material Changes
- Dismissal of Auditor: On January 18, 2016, the Board of Directors approved the immediate dismissal of Weld Asia Associates ("Weldasia") as the independent registered public accounting firm.
- Engagement of New Auditor: Concurrent with the dismissal, the Board appointed Anton & Chia, LLC ("A&C") as the new independent auditor.
- Audit History: Weldasia served as auditor from inception (July 19, 2013) through October 31, 2013, and for the year ended October 31, 2014. The 2013 audit report included an emphasis of matter paragraph regarding the company's ability to continue as a going concern.
Management Commentary and Risks
Management confirmed that during Weldasia's tenure and the subsequent interim period through dismissal, there were no disagreements regarding accounting principles, financial statement disclosures, or auditing scope. Additionally, no reportable events occurred as defined in Regulation S-K. The company has provided Weldasia with a copy of this report and requested a confirming letter, which is attached as an exhibit.
Regarding the new auditor, A&C, the company stated that neither the company nor anyone acting on its behalf consulted A&C regarding accounting principles, audit opinions, or matters that were subjects of disagreement with the previous auditor.
Investor Verification Checklist
- Verify the attached letter from Weld Asia Associates (Exhibit 16.1) to confirm the company's statements regarding the lack of disagreements.
- Review the historical financial statements for the year ended October 31, 2013, to understand the context of the "going concern" emphasis of matter.
- Monitor future filings to confirm the commencement of the audit by Anton & Chia, LLC and the issuance of the next audit report.
- Check for any subsequent filings that might explain the rationale behind the auditor change, as none is explicitly detailed in this report.