AuditorAug 5, 2026, 05:14 PM
SecureTech Engages Marcum Asia; Restates Prior Financials
AI Summary
SecureTech Innovations engaged Marcum Asia CPAs LLP as its new independent registered public accounting firm, replacing Gary Cheng CPA Limited. Concurrently, the company completed a restatement of its financial statements for fiscal year 2025 and interim periods, correcting two balance-sheet classification items. These corrections, which do not impact previously reported revenue or cash, address identified material weaknesses in internal controls and aim to strengthen financial reporting for a planned Nasdaq listing.
Key Highlights
- SecureTech Innovations engaged Marcum Asia CPAs LLP as its new independent registered public accounting firm.
- Gary Cheng CPA Limited (GCCPA) was dismissed as the previous independent auditor.
- Company restated financial statements for FY2025 and interim periods (Q2 2025, Q3 2025, Q1 2026).
- Restatement corrected misclassification of redeemable non-controlling interest to mezzanine equity.
- Restatement reclassified certain accounts receivable from current to non-current assets.
- The corrections do not affect previously reported revenue or cash position.
- Management identified material weaknesses in internal control over financial reporting.
- Three independent directors were nominated to form an independent Audit Committee.
Price Impact
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