OWC Pharmaceutical Research Corp (OTCMKTS:OWCP), with the end of 2016, also ended its engagement with the independent auditor, M&K CPAS, PLLC. The company bid adieu to its financial auditor on the last day of 2016. The board of directors of OWC Pharmaceutical Research decided unanimously to end the tenure of their auditor.
The two-year relation comes to an end
OWC Pharmaceutical Research had been reporting the financial health of the company from last two years, i.e., the years ending on 31 December 2014 and 2015. The company said that it did not intend to include the adverse opinion over the auditor’s working.
The auditor, M&K CPAS, PLLC and the company did not face any disagreements over any matter. Whether it is the accounting principles or disclosure of financial statements, auditing procedure or scope of the firm or accounting practices, OWC Pharmaceutical Research did not show any disagreement over any matter. Had there been any such issue, the auditing firm would have brought it to the notice.
The company, meanwhile, also asked the auditing firm, M&K CPAS, PLLC to write a letter pertaining to the same, addressed to Securities and Exchange Commission, to state its agreement or disagreement with the disclosure.
In response, the auditor said that it agreed to all the disclosures and that it would address the same to SEC.
New independent and registered accounting firm hired
OWC Pharmaceutical Research has already hired a new auditor, Fahn Kanne & Co. Grant Thornton Israel. The firm would be responsible for filing the financial statements of the company, with immediate effect.
The company, in the times to come, will report its first quarterly results of the New Year. The new auditor will be responsible for all kinds of financial statements, henceforth. It is a common practice for the companies to change or make modifications in the agreement with their auditors pertaining to the views of their Board of Directors.